And yet we finished 2 points off 3rd place, 5 points off 2nd.

And the sides who finished in 2nd and 3rd have the infinite money cheat turned on and neither significantly out-performed us in the league.
We're not
that good, but we're not that bad either.
Utd were miles clear of everyone but only because of RvP and Fergie who manages to get squads who are decent but hardly world-beaters to win game after game. But he's gone now and while they're not going to suddenly be in mid-table I don't expect them to win the title next year. Moyes is decent enough but he's no Fergie, Chelsea and City will no doubt splash silly amounts of money around and that will make it difficult for us to challenge but we don't need to have a massive clear out and start again. This squad + a couple of marquee signings and we'd be right up there. Whether we'll make them...well, I'm sceptical because we've been here so many times before.
You're right about the Fabregas and RvP transfers, that showed what the aims and ambition of the club are about. Or have been about. Maybe there's some longer term masterplan behind it all and with better commercial deals and more of the stadium debt paid off we'll compete again, but we've been sold that story for years so who knows
It's not just us who covets the 4th place trophy by the way, plenty of clubs have splashed out and tried and failed to achieve it. It shouldn't be all we're trying to achieve though and it seems it has been, or at best it's been the top priority for the club.