Leicester are 17th in player payrolls and about 1/4th of the biggest clubs. That's a pretty big achievement.
Worth noting that in Spain they'd be a Valencia or a Seville with that sort of expenditure ratio to the biggest clubs, as the bottom half of La Liga have more like 1:10 or 1:25 ratios to the big two. The TV distribution in England makes a world of difference in bringing some sort of competitiveness to the English league. It means there's like 15 Valencia sized competitors playing against each other and the big boys, instead of just a couple.
Leicester's payroll is 48m for 2015-16. Think that's low enough to be entirely covered by the 50m or so in equal distribution TV rights money and the 70m total they got last year including prize money.Currently it is
Madribarça
Atlético Madrid
Sevilla-Villareal-Valencia-Bilbao
Espanyol
hoi polloi
Leicester only got here with some heavy investment from their new owners. It's not as if they earned the money the traditional way, but then, in England particularly, who has? This is why the bigger clubs want to enforce FFP. Bayern, Madribarça, Chelski, etc. don't want to let the others in, just in case. They've had enough with PSG-style clubs