if they offered more money, the players would be there like a shot.
What i see has happened with the money in the PL is that the fans have been priced out of their regular seats (see the kerfuffle over the season ticket holders at Man Utd) and the connection to the local area is being lost, if it hasn't already gone.
Having an academy is good, Most Bundesliga clubs have one. At Gladbach (i can't speak for the others because i literally don't care about them) it is a VERY special day for the club, player, fans, when one of our academy players makes it to the team. We currently have 3 ex-academy players in the team, and that is pretty normal. Other products of our academy are doing well too. Ter Stegen at Barca is a good example. And the players that don't get into our team? poached away by Dortmund and Bayern if good, or go to other teams if not to their standard. In fact teams like Gladbach, and a lot of the 2nd Bundesliga teams, have as part of their business model, bringing on good young players then selling them on. Also a lot of players who get to their last couple of years often return to their home club and take on a role there when their playing days have ended.
I don't see so much of that in the PL. But that is what i want in my team, a connection to the area/community is really important.