The elite world players want to be playing in the elite competitions. If you have no European football to offer, you have not a cat in hells chance of attracting those top players, unless they are particularly mercenary and you're chucking bucketloads of cash at them. Even then, you're only giving them an opportunity to put themselves in the shop window for a bigger fish to come and snap them up.
The Europa league is not by any means as elite the CL. However, it is a European competition, with the opportunity to win a Champions League place if you can win it. It'sanother competition that you can dangle as a carrot to attract some of the bigger players. Coupled with the fact that we now seem to have a bit of cash to spend, I think we should embrace the opportunity to have a little European tour next season and absolutely go all out to get it. We've got fuck all to lose.