I think the wages thing is a misnomer. Someone shared an article in here that summarised how many prem clubs were cutting their wage bills, because of PSR and the lack of money in other european leagues meaning it's impossible to shift deadwood on high wages. It mentioned this being the main reason why Chelsea were getting rid of both Sterling and Chilwell.
Also, if Udogie, Gray, Bergvall, VDV etc... all start fulfilling their potential it won't be long before their wages are increased anyway. Our wage bill being what it is, is a direct result of trying to build the squad back from the ground up. Filling it with young talents to start a new cycle.
Yes we are more competitive on wages because of the stadium, but it doesn't mean we're going compete with Chelsea's reckless level of spending, and give injury prone players 7 year contracts. It means when those young players I listed fulfil their potential we can offer them big contract renewals (as is reportedly happening with Romero), and if the squad gets to the stage where it needs 1 or 2 finished articles to push us to compete for the league, we have the capacity to do it.
On that last point, we haven't been at the stage where the squad is performing at capacity and needs a couple of ready made players to push on since peak Poch. This was obviously something we couldn't do at the time due to the stadium build. So we'll see what Levy is really made of if we get to that level again, because by all accounts we should have the ability to make those signings and push the team on (a la Rice signing for Arsenal) with the additional stadium revenues.
The wages thing isn't a misnomer. Premier League clubs might be cutting their wage bills but they are in a very different position financially and in terms of PSR to us. Look at the highest wages bill in the PL for last few years and those are the clubs that tend to be in the highest positions.
I am not sure why you are equating being more competitive with wages to doing what Chelsea have done recently. It seems to be something people mention as if there is no choice between the two, look at what Liverpool and Arsenal do.
Why do we have to buy young players and develop them hoping we get the team to a level we were under Poch, to then start buy one or two ready made players?