Think our back 7 - Howard, Baines, Coleman, Jags, Distin, Barry, McCarthy are a match for any of the top teams. Sure, there are better players in some of those positions but as a team they work very well bar the odd mistake but that happens with every team.
It is the wingers, attacking midfield and strikers that are the missing ingredients really.
We have quality youngsters but kids are always inconsistent / erratic in their decisions. The older players lack either a bit of stamina, quality or a killer touch. Unfortunately those are the areas that require 15m+ players to get that blend of youth/talent/consistency.