Vardy, Ward and Iversen are all out of contract in June, which clears £200k a week off the wage bill. Get a decent sum for Hermansen, cash in on Faes (who is apparently wanted by Galatasaray,) bin off Vestergaard and organise another loan for Kristiansen with an agreement that the loaning club pays most or all of his wages and it could be fixable.
The financial situation probably forces us to promote youth players as well - Alves, Nelson, Monga and Evans to start with.
I would argue that our scenario is somewhat different to Luton and Sheffield United and is probably reasonably fixable.