A declining bridge after relegation, not a measure of who may spend.
Parachute payments are money the Premier League pays a club in the seasons after relegation. Broadcast income falls sharply. Employment contracts and other commitments do not. The payments step down. The League presents them as protection across that drop.
Who Gets to Spend, chapter 8, treats this as a question of survival and of access. It does not treat it as a measure of revenue-based spending permission. Whether a relegated club can meet its obligations, and whether the money changes who can come back up, are different questions. The essay does not claim to have measured the effect of the spending rules on that climb.
This page is an explainer. It is not a finding, and it is not the essay.