Chelsea is not able to compete for EPL title now, but they are building a young squad that already showing its good competitiveness and improvement in two latest seasons. Chelsea as a rich club with no big financial trouble in buying star players, can build up a young competitive squad, then if they see need of having one or two world class star players to win titles, I believe they will not hesitate in spending big budget.
Chelsea can be very different in a next season or two seasons later, and they will compete strongly for EPL title very soon.
It is very true what you say, in fact for more than 4 seasons Chelsea have been in that situation of stopping the great roll they have had of not being Able to do things well, nor qualify for a high level competition, now they can fight for a place in the UCL, and this is already a great gain, taking advantage of City's bad moment, that Liverpool and Arsenal are fighting to win the PL, but it would be a good victory for Chelsea to be in the UCL and be protagonists, that is what I would most like this team to demonstrate, that they go back to being like before.