There’s plenty of clubs of similar size to Wednesday who haven’t managed to sustain Premier League or top flight football who up until approximately the 60’s and 70’s were mainstays of the top flight. But footballs changed. Clubs who traditionally were viewed as lower division clubs now have the ambition of top flight football and sustaining it. Crucially the on s who have made it and look like making it have owners with plenty of money and actual nous.
Clubs who think they have a right to be there can’t adjust to being challenged and struggle to accept it.
Those clubs like you mention have been lucky to a certain extent. They’ve had decent leadership in place at the right time and escaped relegation to the 2nd division/Championship. Some by questionable means.
But the point is they’ve had year on year on year of top flight football: Recent Premier League income is a hundred million plus. Year on year.
They can afford the best players, the best training facilities, build bigger stadiums and scoop up young players on ridiculous money to play in their U23’s but at the same time stopping them playing for a potential rival.
Wednesday like a good few others could quite easily have been one of those clubs. But they missed the boat and I can’t see them.or others like them ever again achieving past glories.