I read a blog post somewhere about just this topic, where the poster looked back at who we purchased the last time we missed out on Europe. Smicer. Hammann. Hyppia. +1 who's name I can't remember. Can't say we did all that badly, can we?
The point is just that missing out on Europe will simply help to insure any player we buy really wants to play for the club, and perhaps that's for the best given our recent history. Maybe we won't sign the people we as fans think we need (eg Coentrao, Richards), but I'm sure we will sign players who we will come to rely on and trust. Whether these players go on to help us win silverware remains in their power, but the 3 names I mentioned were bought in 1999, and all played at Istanbul 6 years later.