People coming out with mad things here... Two things:
1 - We have to be now rank outsiders for a Europa League finish in the league after this window. Chelsea, City, Arsenal, Liverpool, Spurs, Man Utd are hot favourites for the top six. We needed to compete with Tottenham; United will definitely overhaul that two point gap, so we're in a straight fight for 6th unless we do amazingly well.
2 - People saying "at least we'll sign Lukaku now"... You're basing this on sheer optimism rather than reality. The only chance we had was if we had European football in my view. The only signs we've had are that Lukaku will be returning to Chelsea at the seasons end. Even if he did come available at a cut price of say £15m, a continental side who are in Europe would snap him up and they'd be an infinitely better lure for him.
This is why I'm saying the chance was now. Not wanting to put a downer on things but let's just be brutally honest - we're in an incredible position NOW to grab European football either through the league or the cup and what we needed to do was make the squad deep enough to give us the best possible chance via both routes. We could spend the "warchest" in the summer and I'd be amazed if we were in the position we are now in 2015.