The way things are shaping up its going to be difficult to get out of the Championship this season. All 3 of the relegated teams : Wolves, Blackburn & Bolton have decent squads and they have their payments. Blackburn have already strengthened with the addition of Leon Best and they are now likely to get Gomez. Bolton are also looking at Matt Mills. All 3 teams have quality.
In addition some of last seasons teams are going to be there or there abouts, Leicester, Brighton, Boro, Birmingham, etc. Then there are clubs which appear to be getting new financial investment: Leeds, Forest, etc. You then have the promoted clubs who could shock the Division like Southampton last year and Norwich the year before. Sheff Weds and Huddersfield have strengthened.
I think that City need to bring in another 3/4 quality signings (striker/wingers) or things will be very difficult this season and the promised land may be out of reach. Lets hope that over the next few weeks City can strengthen the squad.