Actually I can't see many people at the club being under much of an illusion of how poor and limited we are.
We have the manager, the thing is what level of resources will he have available and what are we going to do to arrest a catastrophic record with transfers.
Nobody can guarantee the future, but in the context of being given time and reasonable financial backing, I would be confident that we could improve quite considerably under Ancelotti. It wouldn't actually be that difficult.
The longer he stays, all other things equal, the better, as whoever follows him and whenever that is, we are not getting another manager with half of his CV anytime soon.
Every dud signing sets us back considerably. We have to put a stop to that.
It's not rocket science. We will improve only when we have a squad with players that has mix of the attributes a team needs - character, pace, strength, athleticism, height, technical ability, scoring etc. Most of our lot look entirely one dimensional, like football was actually alien to them.