Alan Partridge understand your point andrew, folk have said similar things for the last couple of years and the players coming in have stepped up. Lose Sigurdsson it's all over, Long has stepped up. Filled the goals void.
Got the likes of Manset and Morrison to add to the picture, got a host of promising young goalies and i don't think Reading will lose everyone if they don't go up. I think Federici could be replaced, I think Mills could be replaced and maybe one of the wingers could be replaced by not signing anybody. If those players were to go, Reading would sign 1 or 2 players as well, so things would move on and they'll be competitive again next season.
I agree the squad needs to evolve and always will. I think the problem I have, and it sounds like Andrew is coming from the same angle, is that we're usually replacing with players of lesser quality than those remaining (ie Federici leaves and we get a young las to play second fiddle to Anderson or McCarthy instead of getting in a 1st team keeper).
That's fine in some cases, but when it's the case for the majority the side deteriates more than it probably should.