I would argue it would be a sideways step not a backwards step.
In the premier league 9th - 17th there is nothing between them.
The top 4 are clear in a league of their own when it comes to attracting players and likelihood of Europe. The next 4 down then are a step above, I include Everton in that 4 dispite league position next season as players will feel more attracted to Everton and their chance of success. So Chelsea, Arsenal the two mancs, Liverpool, Everton, spurs and Southampton will be in front.
The rest can finish anywhere and are just as likely to be in a relegation battle as a fight for Europe.
A bad season, injuries, suspensions a couple of bad signings and it could all go to pot.
A season without injuries and some good transefer buisness and you can be on the tail of Southampton and Everton.
I am glad we are showing some intent to bring in quality and for those who say he will never come here, maybe he won't but it shows we are serious not only about staying up but pushing on, which in turn sends a message to other targets.