I think with no EL we wont get any hot names at all. I mean, hot young names who could settle for a challenge. Does anyone really think a third Serie A place is something for the next WC guys? With no europa at all we settle for scudetto or we settle for (more) mediocrity.
The only advantages we still have at our favour: Del Piero, money? and history. We can also have the factor coach (Deschamps, for example) if we really get a serious one.