Again, objective facts:
1. More people play the sport -> more competition -> higher level
2. The sport is more lucrative than ever -> more competition on all levels (players, coaches, support staff, etc) -> higher level
3. Improvements in sports medical science -> overall improvements in speed, stamina, strength, less players have to retire due to injuries, increased longetivity -> higher level
4. Improvement in sports data science -> players make better informed decisions, coaches make better informed decision, more effective talent identification -> higher level
That's the increase, I don't want to write an essay about it, but if you think long enough, you can double or triple this list with things that have improved compared to 20 or 70 years ago. So objectively the level has improved.
The data aspect of it might have cost something when it comes to entertainment. The money aspect might have cost a lot when it comes to the image of the sport, so obviously there's a lot not to like about it and I get sentiments such as "football was better in the xx'ies", meaning football was more entertaining or footballers and club owners were more likable. However I see no reasons to think that the competitiveness and the general level of the sport itself is lower than in the 90ties. Why the fuck would it be? It's like thinking formula 1 cars of the 50ties could run laps around the modern cars, of course they couldn't.
Compare any top National team today to one 20-30 years ago and see how far football has fallen.
Brazil. Is there anyone in todays team that comes close to Ronaldo, Rivaldo, Ronaldinho, Cafu, Roberto Carlos and Kaka? Neymar is the only one.
Argentina. They have Messi but the rest of the team is garbage. Who’s their Riquelme, Batistuta, Crespo, Aimar, Veron, Zanetti?
Italy. Winning the Euros was a huge achievement but the only legendary players this teams has are Chiellini and maybe Bonucci. No Buffon, Nesta, Cannavaro, Zambrotta, Maldini, Pirlo, Gattuso, Totti, Vieri, Del Piero and others.
Spain. Nowhere the team it was in the late 2000s.
France. Probably the best team in the world, but still doesn’t hold a candle to the 1998-2000 teams who had Zidane, Henry, Deschamps, Vieira, Trezeguet, Thuram, Pires etc.
I can go on and on.
The only exceptions are Belgium and Portugal who probably have the best teams they’ve ever had.
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If you want to make an argument from a club level, than today all the best players play for a handful of clubs- Barca (debatable after Messi left), Real Madrid, Bayern, PSG, maybe Juve and the big 4 English teams.
Back then you had superstars playing at clubs like Valencia, Bayer Leverkusen, Fiorentina, Roma, Lazio, the Milan teams, Lyon, Monaco, Celtic, Ajax, PSV, Porto, Benfica apart from the top teams I mentioned earlier.