Since Xavi took over last season this is the team finished 5 points behind Madrid (down from 13 or so when KDawg left).
More importantly after the Jan transfer window where we moneyballed it (had Ferran not been signed) the club accumulated the most points in LaLiga.
So say we used the levers to give rocketfuel to the debt coverage and to level out future FFP, and continued to be shrewd in the market, could we have achieved as much without the Lewa, Kounde, Ferran, Raphi spending?
Considering our trajectory showed we were already ahead of Madrid with the signings of Adama, Auba and injury returns.
In that scenario, right now we would be stabilized and would not have to reduce 200m in cap margin this summer as we would already be adapted.
We would have lost Dembele for free, wouldn't be able to register Barca B players for foreseeable future and hence weren't going to renew a single one of them.
On other words, we won't have a margin of improvement, unless we sell every good player we have. Something like selling Pedri, Fati and Gavi (with buyout) and Araujo might have done the trick.
But Barca is a fan owned with elections deciding presidents, no president would have done that, it is simply beyond naive to think it was an option.
Levers was the only way, you lost money, you are prohibited from spending. So you need to sell assets to stabilise your situation.
Now, the extent of levers is another argument, would it have been enough to reach a 1 vs 1 situation (not a negative salary cap) added Christensen and Kessie along Dembele renewal and fought for the league?
I would have preferred that, but then again from sporting and political angle, club was desperate for Liga and didn't want to take risks, coach is a stubborn who wants a certain level of players in his squad for his ideas. So there is that.