This is where our opinions differ. I believe you have peaked and in order to take the next step you need to inject more quality which means a higher wage budget (not only to get new players but to prevent the good ones from leaving) and more money spent on transfer fees. The nature of the PL nowadays makes it difficult for everyone to consistently reach the 80+ points (something you haven't achieved, not even once) season after season which guarantee you a serious tittle challenge.
That's where the players come in. It's not about the money and how expensive a player is. There's a reason why Pogba was/is on Real Madrid's radar and Dembele isn't even considered an option (and i have defended Demabele's contribution more than once on here). If you want to move to the highest level, you need more individual quality and experience or you risk getting stack in the catch 22 situation Arsenal find themselves over the last decade: good, pleasing to the eye but not really good enough in the end. If you want to compete for the title every season, you'll eventually need a better advanced play maker than Eriksen, a better player to go 1v1 than Lamela, a more influential b2b midfielder than Dembele etc. Not to beat someone in one game but to win a marathon like the PL. Good team spirit can get you up to a certain level.
I'm not questioning your players' contribution and abilities, i'm just saying that their ceiling as individuals doesn't justify the notion that all is needed is depth in the squad. I'll gladly leave Kane, Alli and Aldeweireld out of this discussion but in each other position there's plenty of room for improvement. Same thing with Liverpool who, in my eyes, have no top class players in their squad. You saw what happened when they lost their only world class footballer in Suarez when most of their fans, alongside many outsiders, though that they would cope well without him. That's the difference individual talent can make. My opinion is that if you take Poch away from Spurs right now, you'll have lots of problems if you don't appoint the right man. The same thing goes for Liverpool and Klopp.
I'll bring United as an example. Part of our current woes is because of Ferguson's under spending in the post Ronaldo era and our (board) unwillingness to spot there was a significant drop in individual quality which was masked by Ferguson's supreme man management and knowledge of the PL. Add a couple of managers who couldn't attract top players or didn't know what to do with them (Di Maria) and you can understand why we are where we are.
As for the bookies, they look at form and recent results. And both you and Liverpool look better than us atm. They currently have Liverpool as second favorites to win the title, do you agree with that? I, for once, believe they'll finish below you after 38 games.