Why “High Salary, No Trophies” Is the Cheapest Way to Judge Simeone

Source: Deloitte Football Money League 2026.

"The four words 'high salary, no crown' are the cheapest and most superficial cliché used to evaluate Simeone. If we truly understand modern football from both an economic and competitive perspective, the path Simeone and Atlético de Madrid have taken over the past decade is actually difficult but correct. For the truly meaningful top five clubs, there are only two championships that determine historical status: the league title and the Champions League. This season, Arsenal and PSG are enough to show that after modern football entered the money ball era, these two championships have essentially become more and more of a resource battle. Whether it is achieving long-term stability in the league or squad depth and margin for error in the Champions League knockout stage, it means that only clubs whose annual revenue ranks at the top within their league or even in the continental competition environment truly have long-term top-level competitiveness. By Wenger's standard, only clubs with revenue in the range of 700 million to 1 billion euros are qualified to participate in top-level modern football. Atlético's recent annual revenue is about 450 million euros (€454.5m), which still does not belong to the true top-tier elite. In terms of wage capacity, squad depth, and commercial premium, Atlético still has a huge gap compared to clubs like Real Madrid (€1161m), Barcelona (€974.8m), PSG (€837m), Bayern Munich (€860.6m), and Arsenal (€821.7m). Therefore, given Atlético's revenue scale, not winning La Liga and the Champions League is perfectly normal." Atlético's duty has never been to necessarily win La Liga or the Champions League, but to consistently maintain Champions League qualification and to regularly reach the later knockout stages of the Champions League, which is the so-called 'secured top three, fight for top eight.' Falling below 'secured top three, fight for top eight' is failing the basic requirement, while exceeding it is considered a matter of luck. For Atlético, the 'secured top three, fight for top eight' is not only a competitive goal but also the foundation for maintaining the wage structure, sustaining commercial growth, and continuously repaying stadium and infrastructure costs—a whole series of economic models. Only by staying in the core Champions League circle can Atlético have the possibility to retain top players and maintain long-term competitiveness under financial regulations. Once Champions League qualification is lost consecutively, a club's revenue, brand value, player appeal, and competitive level will quickly collapse. And Simeone's greatest value to Atlético is precisely in keeping Atlético long-term, stably within the top-tier cash flow system of European football. Therefore, from the perspective of club operations, Simeone's annual salary is actually Atlético's most cost-effective investment. Of course, some might say that the Copa del Rey and Europa League are also championships. Honors certainly have value, but for Atlético's current class and strategic goals, such championships are not sufficient to replace the goal of 'secured top three, fight for top eight.' The Copa del Rey is very significant for other Spanish teams, but for a club of Atlético’s class, it can only be considered a minor trophy. Exiting the Champions League in the round of sixteen, finishing fourth in the league, and then winning a Copa del Rey actually counts as failing to fulfill obligations. On the other hand, winning 10 Europa League titles actually indicates that you haven't finished in the top five of the league for 10 years, or, under the old Champions League format, that you were eliminated in the group stage in third place for 10 years. Appearing in the Europa League system for consecutive years, on the contrary, shows that the team has drifted away from top-tier competition and cannot compete with the elite clubs. Therefore, the difficulty of Simeone's work lies in the fact that he must maintain Atlético at a 'quasi-elite level' over the long term with resources significantly below those of top-tier clubs. Atlético does not have the unlimited trial-and-error capital of a super elite club; Cholo needs to maintain a fragile dynamic balance between finances, competition, and squad cycles, which is essentially an extremely high-pressure form of risk management.

From the results, over the past decade or so, Atlético has not only held its ground but also completed the construction of a new stadium and expanded its global brand, allowing a club long positioned in the second tier of La Liga to break through the iron curtain of Real Madrid and Barcelona and gradually establish a position in Europe's '1.5 tier.' Many clubs pursue only the fleeting glory of lifting trophies, while what Simeone has brought to Atlético is a leap in status. This is an unsung achievement. Fortunately, Atlético's executive management is fully aware of this.

The current question is, in the context of Apollo entering the scene, with both the intention and capability to further optimize Atlético's revenue structure, how many more years must Atlético maintain the 'fight for third and contest for eighth' to catch up with the revenue scale of Europe’s top elite clubs? At the same time, how many more years is Simeone willing and able to continue fighting under this high-pressure state? Five years? Ten years? Under the reality of long-term resource lag, still being able to compete in the top-level European football competitions is, for Atlético de Madrid, destined to be a no lo pueden entender, arduous and long road. Even if results do not come immediately, it doesn't matter; as long as the club continues along this path, it is worth supporting and waiting for.