We're in 12th. There are 5 teams in the league that no questions asked have a better squad than we do. There are 3 that also might.
The team in fourth has bought two players who are better than anyone we will sign this window and it hasn't even opened yet. The team in 5th prints money. The team in 3rd actually has a long term strategy and it is paying dividends. They look set to lose no one from a squad that has outperformed us. And the top two teams are in the middle of the best 3 year run for any club in decades. That doesn't even mention specifically Spurs and Arsenal who we haven't done better then since 2014 at least.
Yes, I find it a little hard to see us competing next year. But I don't find it too hard for us to compete very soon after that, if we look at the situation that way and run the club like that is the case.