I really hate this defeatist attitude where people think that because Spurs have spent a lot then they are virtually guaranteed a Top 4 CL slot. Spending big does not guarantee anything ..... as we have found out in the few seasons under Hodge & Kenny. They could be great they could be absolute shite (as they were against Palace), they could gel immediately or they might never gel - and they will have to sideline some of their best performers from last season (inc. the sale of Bale) to include the better players they have bought, with no guarantee they will be an improvement, in fact in Bale's case it's almost guaranteed to be a big loss.
You talk about Arsenal as a yardstick - when they have spent fuck all ! Yes they probably will but you have no idea if they will, or who they will buy so it's pretty pathetic to start using them as something we should aspire to in the transfer market 🙄
As for us not competing, last season we were one of the top teams over the second half of the season, if we had not started the season with 2 / 15 points then we would have been in the mix, even 10/15 would have seen us just 3 points behind Spurs and a maximum of 4 behind Arsenal (since one of those defeats was at home to Arsenal then we could even possibly have reversed those positions). We are a far better side than last season, improvement doesn't just come from spending huge sums of money, as you seem to surmise, it comes from better coaching, better teamwork and understanding, and that takes time to build. On that score though it looks like (judging from the end of last season and the start to this) that we are the team that has improved the most out of the top seven.
Then there is your comment on FSG putting their money where they mouth is .... I think you need to take a look at the average spend over the past few years, only City & Chelsea are above us and there is no doubt we have been trying to spend this year (we have indeed already got 4 very good players already in, or do they not count because they didn't cost 20-30m each) ? You can't blame FSG for not paying insane money just because Spurs/Chelsea/City are willing to pay well above what a player is worth.
Stadium - yes there is talk, it seems to be progressing slowly but surely.
From your post one would wonder if you have actually been in hibernation the past 2-3 years.