You are correct....
https://www.bbc.co.uk/sport/football/articles/cp8dxz6173xo
"Newcastle face a battle to qualify for Europe - but not making it could be a positive.
Stay with us while we explain.
Uefa's SCR system limits clubs in European competition to spending 70% of their income.
A club not in Europe would be able to go to 85% or above under the Premier League rules, designed to give teams not in continental competition some extra space to compete.
To show the impact by analysing the 2023-24 figures, West Ham (£267m) and Brighton (£276m) would have had bigger budgets than Newcastle, had these rules been in place.
And this is further underlined by another quirk which means being in the Conference League could be the worst thing financially.
The winners of the competition only earn about £20m, yet must work to the 70% rule. The difference between 70% and 85%, based on the 2023-24 figures? At least £33m less to spend.
Newcastle would prefer the riches of the Champions League, though even that competition further entrenches the position of the biggest clubs.
Uefa gives bonus payments under the 'value pillar', partly based on a club's coefficient. It rewards historical success.
For this season's league phase, Swiss Ramble calculated, external that Newcastle received £47m. But Arsenal, Chelsea, Liverpool and Manchester City were all paid in excess of £79m."
