Agreed, although it has to be acknowledged that that step down to a "top 4" club instead of a "top 2" club happened when Chelsea and City bought their way in. As I said above, there isn't a "top 2" any more.
Arguably, but one year outside the top 4 and then only by 2 points does not definitively show that. This season will add another data point and right now it's very hard to call where that data point will lie.Now arguably we’ve fallen down another step
We won't finish top 2 but 3rd is arguably and 4th definitely up for grabs. Impossible to tell right now.