They've changed the way they play from a direct game, (which they were quite successful with) to a more possession based game, with the drawback being to play that way you need good players, (which obviously cost).
When we went down to League 2 we had the advantage of no "deadwood", Cotts was able to build a squad that he wanted.
I saw the Ipswich side in the 70's with Brazil, Wark, Mariner Etc.
A hard side to beat.