Well,to compete in Europe is always important,especially for San Mamés,(remember the passion with which they lived the tie against United) but the fact that they could avoid a competition to be able to compete better is an example of the problems to continue with the same system.
As FootballIQ just said,imagine if now Real,Betis,Girona,etc start to spend 50/60 in transfers.
Actually Athletic was in this situation, with "la liga de las estrellas",after the TV contract,around 15 years ago ,and they survived decently