It would be progress. The most important factor is progress. It is a lot more about being able to see players improving, or good performances.
That's a big factor in why Ange has gone. Everything has been in decline over the last 18 months - performances including - and the EL was effectively something that was won with relatively poor/mid performances.
For example, if a bunch of players left in the summer and Frank got us to 8th with a bunch of academy promotions, keeping the squad fit, with a young improving side then that would 100% be a good season IMO.