Based on Dyche's results with last years squad we would have finished 11th, so I think they view mid-table as not only attainable but expected. Regardless of formation I think too many have been condition to believe the team is worse than it is(its not good, mind you) because of Lampard. At no time(in the past 25 years) has Everton played anywhere close to a relegation level except the last few months of Benitez, and throughout the reign of Lampard.
Essentially 2 seasons of last ditch relegation fights has everyone forgetting this.
If we'd had anyone better than the fsw and fat Frank then we'd just have had 2 seasons of mid table obscurity and looking at another ahead of us.
As soon as the finances return to normal and we can operate more freely in the transfer market, then this squad should be capable of ticking over in the Premier League. Hardly
nil satis nisi optimum but that's life under Moshiri and Kenwright.
Other than that, buy a striker/couple of wingers/ creative midfielder/couple of full backs and we'll be fine. Oh and another centre back.