The difference between now and pre PL is that is that clubs could reach the top without having a billionaire owner. Their rise would be down to the talent of the manager and his skill in putting a competitive team together, helped by the fact that in those days there was no freedom of contract. It’s hard to see any club of the stature of say Northampton, who in the sixties had successive promotions from the fourth to the first division without any particular financial backing, rising from bottom to top.(I haven’t forgotten about Luton but would argue they are a bigger club than most in Leagues 1 and 2).
Even harder to see a club, newly promoted to the top division actually winning it as both Ipswich in the sixties and Forest in the seventies did, purely down to the talent of their managers.
Money has totally skewed football. If you don’t have the billionaire backer then I think there is a ceiling that it is almost impossible to break through. This certainly wasn’t the case when I first started watching football and I think the game as a competition is worse because of this.