Worse than that, I'd thought.
I agree relegation is now a nailed on certainty, that's why I have put £10,000 on it at 13/8 with the bookies...which is basically £16,250 of free money come May.
I think you're insanely optimistic to believe we can replicate Watford though. They are resurgent.
The most likely outcome is that we will hover around lower reaches of the Championship, before dropping back into League One after a season or two. (Probably with a ten point penalty by then, as well)