It's ridiculous that people still think these clubs can offer double or triple the wages we can. Real Madrid had highest at 270mil wage bill last year, Juve was 9th at 184 mil. Bayern, for example, had 218 mil, PSG 235 mil. Yes these clubs can offer higher wages, but even Real Madrid isn't more than 1.5X our bill. Bayern was only 1.18X our wage bill. PSG 1.27X
We're easily able to compete in overall wages. We just structure our wages so we have a more balanced squad with depth, rather than top-loaded salaries for our best players. Now, eventually we will have to break that structure somewhat if we want to retain our attract some of the best players in the world.
Transfer fees are our bigger problem. Not wages. Not yet anyways.