Can be an interesting WC. Out of the big European leagues, only Spain and Germany remain in contention (and we still have to play). The Bundesliga has much less foreigners than the PL, I don't know how Italy fits in these numbers (Inter plays with close to no Italians, Milan has a big foreign contingent too but I'm not familiar with the lesser clubs)... so maybe it is true that big European leagues are nowadays developing other national squads instead of their own, and that's why we see a decline of UEFA nations in this tournament.
Spain has quite fewer foreigners than the PL too, but I won't include us in the reasoning until we see how far we get (on paper we have a great deal of talent, though).