I'd assume Lloris, Ndombelly and Kane's wages essentially made up for this drop. Having also now slashed Werners wage off the bill, we have capacity to increase our wage bill significantly to bring in elite players and, bump up our best players wages.
We do have the capacity to raise the wage bill, but that doesn't directly correlate to "elite" (or as

Other factors:
Likelihood of trophies: i.e. ManC, Chavs, Real, Barca + once again entering that bracket, Liverpool.
Historical image/prestige of club who were once seen as serial winners: i.e. Man U + to a lesser extent Arse.
Regular CL qualification: i.e. BVB, Inter, Monaco, Napoli
Manager appeal: Pep, Jose, Klopp, (formerly) Wenger, Fergie etc.......