Bringing up a few positive results justifies that the league is improving? What about the decline in player quality? Also many of those sides you mention are not the sides they once were.
This arsenal is not the arsenal paok beat in 97. This juve is not juve 96. This man u is not fergie's man u.
It's worrying that you have been watching for the last 10 years and not realized that the quality has dropped. Tactics have changed in that time, managers with new ideas have come over but neither suggest a change in quality for the better. Player quality is the worst it has been.
Like you have mentioned, excellent managers and organization, i will add determination and grit have brought about those results. You even admit that the greek league is 'punching above its weight'. This wasn't always the case in the past. How many times has panathinaikos sent out fantastic sides? In 85, that was a truly gifted side, housing some great individuals.
Give me a list of great talents coming through today, and compare them to those of the past.
So in excess of 20m from CL alone every season for the last 15 or so years doesn't translate into a solid budget? Okay so you have your expenses, but seriously where is all this money? If the money doesn't go into the side, that is a different issue all together.
Okay so arsenal's budget is superior but there is more than enough available to put together a great side every season.
Last 16 needs to be the expectation every season, if not because you can come across better sides, then a good showing in the europa cup. The fact that oly haven't done this suggests, failure.