Relegation and we’d be well and truly in the mire
To be fair, that's probably said numerous times in the last 20 years and we're still here (just)...
Get relegated from the Prem and we'll be in the mire
Don't get promoted from the Champ and we'll be in the mire
Get relegated to L1 and we'll be in the mire
Don't get promoted from L1 and we'll in the mire
Get relegated from L1 and we'll be in the mire
Don't get promoted from L2 and we'll be in the mire
Stay in L1 and we'll be in the mire
Get relegated from the Champ and we'll be in the mire
We literally could've trotted out the line in everyone of the occasions above. Not that I disagree with your point and there could be a time about a camel straw and a back breaking, but
somehow we've managed to still stay in existence despite a number of administrations, 3 relegations, 2 trips 'away from home' and a fragmented fanbase for the large part.
Almost cockroach-esque if you ask me.