I don't think we're in deep trouble, I would condsider being well below your expected level after about 10-15 games being in trouble, and being in the same position after 30 games deep trouble.
I think the current squad is good enough to maybe be mid-table around Christmas, and then if things develop on from there and we get some good January loans then maybe higher, scraping the play offs as a max I think.
We're not in deep trouble, our level has just been partially been exposed, we're not taking the chances we should be (which should hopefully change a bit) and we're conceding from positions we shouldn't (which I've more confidence will change a bit). It won't change enough to get in the play-offs though, not with the current squad.
I don't believe we're playing at a level which should have us bottom, I think variance has a bit to do with that, and it should change things in our favour hopefully.