A) we're not in a financial position to spend £3.5 million (rumoured) on a single player.
B) he's unlikely to have taken a significant wage reduction to sign for Sheffield Wednesday and was on around 35k per week at Aston Villa. We'd be stupid to commit to signing new players on anything like this salary in our current situation. Whilst he's a promising player, I'm not sure he'll ever be a regular PL level footballer, which you'd probably expect close to given his salary. I'd have actually been more concerned if we had bought him and committed to a long term contract paying him a handsome salary. (Although admittedly it would be more exciting than signing Danny Ings on a 1 year deal.)
C) we're not going to be attracting PL players, no, we're in League One. But there's talented players about, especially in Scandinavia that'd jump at the opportunity to sign for a club of our size, with the increased exposure it'd give their career, with a wage increase, that'd both cost less to buy and on a smaller salary than Louie Barry.