We have underachieved. However I'd say the lack of strengthening in summer had more of an affect than you seem to suggest.
Perfect example is the Taylor injury at the end of the Southampton game in November. He missed 12 games, we lost 9 of them, conceding 26 times. If we'd signed Mbiwa in the summer it is highly unlikely that we'd have conceded that many. Not simply because he looks like an absolute gem of a player, but instead because we'd not be relying on a Championship centre half.
I'm not blaming it for everything, just most of the things. The injuries we've endured this season were the quota for this year and last in one go. Pardew must still shoulder some blame for limited tactics but he's a limited manager. He's got this job because he's happy to accept that he'll only have a small say in transfers in and out, he's accepting a small basic wage (presumably incentivised for cup/league success), he's going to toe the party line and he's a competent enough manager to do well enough in the competitions to keep us content.
I think even Ferguson would have struggled to do much better with the 1st team that's been available for much of the season.
