If anything, our downfall came about because we didn't spend ENOUGH on players when we were riding (relatively) high.
As a result, we ended up with Premier League facilities which we had to carry on financing in the Championship.
Ironically, if we'd spent Pompey proportions of cash on players we'd probably not have crashed because we had the infrastructure to support it.
So, our situation was effectively the reverse of Pompey's. They spent money on players that their infrastructure couldn't support whilst we didn't spend enough on players to match the investment in infrastructure.
The former is 'cheating' the latter is 'incompetence' and/or 'over cautious'