Not sure I buy that, certainly there are other revenue streams available that come with finishing 2nd every year as opposed to 17th.
Net profits aren't necessarily the best measure of economic gain either.
In 2010-11 Chelsea spent 190 million on wages, 6 and a half million on agents and ninety million on players. So nearly three hundred million on their playing staff.
As a reward they made 15 million in PL prize money (above their tv money and match tickets) and 38 million from reaching the later stages of the CL.
So deducting their rewards from their expenses they spent 233 million and finished 2nd.
In the same season wolves finished 17th, they spent 38 million on their wages, 1 million on agent and 14 million on transfers.
They earn 3 million in Pl prize money and the same tv money and match tickets as all the clubs.
So rewards minus expense from finishing 17th they spent 50 million.
All things being equal, Wolves make more money.
Football isn't a business. Chelsea spent 183 million more to earn 50 million more. And I don't think that their tickets and sponsorship would drop by 133 million if they did finish 17th.
It's more profitable to be crap than to be good. And yet noone goes that route.