You need to decide if you are counting how much is spent in £'s or how much is spent as % of turnover. Only 6 clubs spend more than us in £'s, and that includes some clubs that have greater revenue (or are financially doped to appear so) ... Man C, Man U, Chelsea, Liverpool, etc. Villa spend more than us but only as they are heading towards financial oblivion if they do not qualify for Europe (currently sitting in 7th place).
And we spend £17M per year more than Newcastle and they are 3rd and just won a cup.
Levy could comfortably spend an extra 10% and still have by far the lowest % of turnover = be the healthiest club. But that 10% would mean an extra £52M on wages per year. We could replace 5 players who are on £100k per week with 5 players on £300k per week, and still have an incredibly well run set of accounts. So the likes of Johnson, Richarlison, Bissouma, Dragusin, Bentancur could be replaced with £300k per week players.