For me, the truth is somewhere in between.
pommpey is correct about our loss record, the wallopings are a little more about how you define a walloping. The loss record can only be described as abject, but it contains scores that often suggested a close game. But if we drill down a little deeper, many of those games were basically ones where we could play all afternoon and not score.
In our two seasons in the Prem, we went from almost qualifying for Europe, to being Barnsley-esque. Some of the reasons you can't mitigate against, but certain people needed to be held culpable for some of the other reasons. But it's in the past, the post mortems have been done many times.
It's a new start, and for me, a statement of intent with the choice of manager, I'm optimistic. Yes, last seasons squad wasn't good enough for the prem (although I do feel a little more tactical flexibility from CW might have changed the picture). But lest we forget, even the ones who "aren't good enough" are proven championship performers. Next season they will be at their level.
Moving forward, perhaps the transfer policy does need tweaking, and it looks like that is what is going to happen.