I would quite like them to just be whipping boys in the PL, escaping relegation by the skin of their teeth every season. Keep the delightful Mike Ashley in the manner he's become accustomed so he has no need to invest, sell them or do anything to upset the status quo.
A fall to depths allows them to rebuild and move foward with renewed hope of better things, this simply will not do. A Groundhog Day type of existence, just barely keeping their heads above relegation for ten years or so would be more soul crushing I believe.