You and me both. Parachute payments were introduced IIRC after the Bradford calamity, when they plummeted down the divisions due to unavoidable and unsustainable salary costs (hmmm, who else had the same issue a while back?)
Now, most sensible clubs have a wage structure such that players' wages are cut if they drop. Ergo, no need for parachute payments.
All they do is make for the ludicrous situation of clubs like Norwich, Fulham and WBA bouncing between divisions.