This is indeed somewhat the case. Looking at Cardiff City's long-term fortunes.... https://en.wikipedia.org/wiki/Cardiff_City_F.C.#/media/File:CardiffCityFC_L

This is indeed somewhat the case. Looking at Cardiff City's long-term fortunes.... https://en.wikipedia.org/wiki/Cardiff_City_F.C.#/media/File:CardiffCityFC_League_Performance.svg https://en.wikipedia.org/wiki/Cardiff_City_F.C.#/media/File:... There are clear long term trends over the decades, with the team slowing sinking down to the 4th tier in the late 90s and working its way back up. In the 2010's we can see see-sawing you mention: back and forth between the Championship and Premier leagues. They fight like hell to be promoted, quickly find themselves overmatched in the Premier League, and are then relegated. It's worth noting that the team's post-2000 rebirth corresponds with an influx of juicy cash via foreign investment: https://en.wikipedia.org/wiki/Cardiff_City_F.C.#Foreign_investment_(2000%E2%80%93present) https://en.wikipedia.org/wiki/Cardiff_City_F.C.#Foreign_inve... So, I mean, it's a "meritocracy" but it's still largely dependent on who's got the money because they can afford the best players and player development.