I agree with most of what you've written and I feel that our real complaint about the Glazers shouldn't be about money we've spent or some model we have - but about the fact they've been unable to put in place the people who would select the right manager. Whatever we've tried has been not been successful, or successful enough, in four attempts.I think we've had plenty of opportunities to get rid of players like Bailly but the club don't want to sell and I think we could all name 10 other players in a similar situation so I don't think it's any sort of business model from the club. Basically it boils down to us being useless in selling on players.
However, while we obviously struggle to sell players - I think we have a bigger issue: Some weird fear of letting players go for free. We keep giving new contracts to fringe players. Maybe it's an attempt to keep some value attached to them to we can cash him on them, but if we fail to sell them we are just stuck with them.