Take a read of this; Chelsea are on track to make FFP - even more so with the Champions League win.
http://www.weaintgotnohistory.com/2012/2/9/2787509/chelsea-financial-fair-play-analysis
One thing to note, they've completely ignored that the loss that is acceptable is an AVERAGE, which cuts it in 1/2 or a third depending on if that rule has changed. Which means getting to 45mil PER season isn't actually enough, they need to get significantly lower, their wage estimate is also way below what we've all seen reported elsewhere, and any big name buys will not only add to the amortisation costs, but increase wages because they aren't going to get Hazard, or Hulk, or anyone else they need without a big wage, likely bigger than those they are replacing.
Also, champs leagues wins don't make a huge difference, the bulk of the money they get for the competition. People keep calling it a 50mil bonus, but look at Spurs, they get the best part of 39mil from getting to where Chelsea get most seasons. It's only 10-15mil more than getting a round or two earlier which they do every year. 10mil isn't going to make a big difference at all. Likewise their big "they'll be in the rules" thing is people signing contracts before 2010 not including, most guys who sign contract extensions don't sign 4 year contracts, more like a 1 or 2 year extension, and several more of those who wouldn't be included will most likely need further extensions soon, or getting rid of and a new player. So they are rather ignoring what maybe, once, if lucky might be a flukey 40mil wage loophole, but by the next year, two max, will be irrelevant.
Without a new stadium Chelsea don't have a shot(without City style epic sponsorship deals.... dodgy ones) of meeting FFP long term, huge wages, and 50mil short in stadium income.
The main thing is though, no where anywhere have they said what will happen if you miss the "allowed" losses.... and when we get the official word expect something similar to the championship. Which is, IIRC roughly speaking if you go 1-2mil over the limit you pay a fine something like 10-20% of the amount you've over spent, so you spend 2mil more than you should, you pay a 200k fine, then as the amount you spend goes up, so does the fine so it its like 10mil over, you pay a 7-8mil fine or something stupid.
So teams like West Ham buying their way back to the prem, would pay twice as much to do so, once in losses(covered by a rich owner) and once in fines on those losses.
Basically speaking, if the champs league gets you 40mil a year, then they could fine you up to 40mil(because it would still be worth being in, because players want to play in it, sponsorship deals for a team in the champs league all mean increased income still). But if the fine was a few million(and varying for the worst offenders) then most teams would pay the fine to make a huge slice of the money available.