Relegation makes a big difference because it means that aiming to minimise spending is not a viable strategy; the potential to be profitably run in lower divisions is much lower. Likewise, because the debts incurred by risky spending to try and beat the top teams (all with huge global merchandising incomes or a sugar daddy) also have resulted in financial crises, you have the curious outcome of most of the division aiming to be somewhere in mid-table.
