[...] we're still treading on egg shells when it comes to PSR.
Isn't SCR (European version) the problem, rather than PSR (which is getting phased out anyway).
Reducing 96% to 70% was always going to be brutal - we could have just kept everyone's wages the same and not bought/sold anyone, but that wouldn't have been acceptable while also trying to sustain European football.
The way I see it is that we've taken a more nuanced approach: selling some players and replacing them with lower wage players, renegotiating existing players to more long term wage structures, short term loans that only effect a single financial period, and leveraging income streams to the max. The problem with this is that every addition has to be seen in the light of tight wage headroom due to missing out on CL football this season.
It's not that we can't afford them, it's that we can't afford to play them in Europe. I suspect this is also partly a driver for premium young/academy players.