Savings this season

Im just contemplating how much the squad clear out will save us this season. It could be that in the long term it could be very good for us. Lets start with transfer fees starting from Pienaar:

Pienaar - £3.5m
Vaughan - £2.5m
Beckford - £4m
Yakubu - £1.5m
Arteta - £10m
Total = £21.5m

Now lets talk about wages. My knowledge of player wages comes from Football manager, so any obvious errors, please point them out:
Pienaar - £2m pa
Vaughan - £0.5m pa
Beckford - £1m pa
Yakubu - £2.5m pa
Arteta - £4m pa
Total = £10m

Now also factor in that we saved about £3m in wages last season from sending out Yobo and the Yak, and its well over £30m we have saved from this squad clearout.

Now I know that we paid a fee for Velios last season and that the new boys (especially Drenthe) will be costing us a hefty sum, but this will be pennies compared to how much we've saved. I wonder how this will affect us in the long term. Will it all be going towards trying to make us debt free? Is this simply a transition year so that next year we will be in a better financial decision?

We must have cleared out a massive portion of our debt. I just hope that I'm not being naive in being cautiously optimistic about the future.