Our wages are significantly higher. Plus its a misnomer to think we are suddenly not an attractive club to go to given that the likes of Chelsea, Pool, and City continued to attract top players when they themselves were rebuilding. Just look at Roman's post-Ranieri buildup in the mid 2000s and the City takeover a few years later. Ultimately money and prestige (or some combination thereof) matter more than who happens to be in the CL next year.
A bad season can always be spun as an anomaly, and an overhaul of inadequate players, branded a rebuild. Our problem is that we have only finished in the top four twice in six years, so last season increasingly looks like part of a pattern of failure, rather than a one-off.
A narrative of incompetence and perpetual rebuild has emerged, which I think is doing tremendous damage to our prestige and allure. I expect we'll see this manifested in the summer transfer market.