It's a tricky business though, the decision whether to spend enough to stay in the top flight. Ipswich did, and and should have been on fairly sure ground for doing so after their 4th place finish. However, they still got relegated, went into receivership, and have had to sell or release most of their good players. Basically, it looks liek a sort of "back to square 1" deal for the Tractor Boys, having to build up the team to be good enough to get promoted all over again.
I think the West Brom / Wolves approach is a lot more sensible, though maybe Portsmouth have got it right most of all - basically keep the same team, but drag in a few older players who have the top level experienece and can still deliver (thus disqualifying Incey...)