We weren't, aren't, and shouldn't be considered title contenders. The objective is still a Champions League place. We clearly lack quality and depth, and on paper at least, our squad is inferior to the likes of Milan, Inter, and possibly Napoli. However, having said that, there is no point in making purchases just for the sake of procurement. Filling our squad with quantity stop gap signings, fillers, and other team's garbage won't do the trick.
Our current aim should be to finish the season as strongly as we possibly can, qualifying for the Champions League (otherwise it'd be a disaster of epic proportions), after which we can move along to the next phase. Consolidation is the name of the game at this point in time.
Once we have qualified for the CL, we need to address certain issues:
A) The defense: Lacking in both quality and depth. We need a new LB, someone to deputize for Lichsteiner if need be, and a new CB (Bonnucci sucks donkey balls, and doesn't even warrant/deserve a bench role). Get rid of Grosso, Motta, Bonnuci. Bring in one of Ansaldi/Caceres and Benatia/Hummels and we are set in this department.
B) The midfield: the Marchisio-Pirlo-Vidal tandem is the reason why we are as competitive as we have been this season. No need to tamper with it. However, we need to add more depth and quality. Radja/Guarin, and promoting Appelt from the youth team should do the trick. Cuntbags like Behrami and Palombo are not the answer!
C) The attack: Vucinic is the only untouchable in the current attacking trident. We need an upgrade "on works his ass off, but has no talent and a skill set akin to that of a paraplegic two toed sloth" Pepe, and a more clinical/lethal finisher than Matri. Borriello is not it! Amauri, Iaquinta, Toni, Del Piero

and Borriello should be on their way out. Add two names from Giac, Elia, Esti, and Krasic, and we clearly need both quality reinforcements and depth in this department. Recall Gio, one of Ramirez/Ozil/Shaqiri/Jovetic, coupled with Benzema/Higuain/Damiao and we are leaner, meaner, and rid of almost all the dead-weight!