Don't think the feeling here was to dole out new contracts left, right and centre - only to tie down our very best players, as Clyne and Wanyama were. Les and co. seem to have an inflated sense of the quality in the squad. Nobody here welcomed Forster's contract extensions and many raised an eyebrow over Stephens contract to name a few examples.
If there is a driver of wage inflation, its the constant churn in the squad: having to replace players on an annual basis means having to pay the going, inflationary rate for players in a way that clubs with less turnover are less exposed to.
Either way, our wage-to-revenue ratio is pretty much par for the course, so unlikely to be decisive on its own.