For me it mainly comes down to whether ETH actually agrees with the decisions the structure is making. After last season I've been convinced it can get even worse before it gets better.
If the manager truly believes that there's nothing on the market he fancies, other than ostensibly unattainable targets like De Jong, and that he can still pull something off with a mixture of younger players and the current squad, then I'll have faith.
Most of us fans wanted a Liverhamptonpool type window, which it doesn't appear we're going to get; especially before preseason.
If it's a matter of ten Hag just not being backed, or even more incompetence from the structure (mainly as an excuse to penny pinch), especially considering last season and all our top four rivals strengthening, then I'll be worried.
At best though currently I'm expecting sixth again, and a Europa league win for Champions League, with definite signs of a change in style of play.