Really? You've missed the past 3 years of watching Chelsea at all then? TO be fair Terry has gone from rock solid to non existent in the past 2 months.
However before this season started, Malouda, Mikel, probably Luiz, Ramirez, Kalou, most of their right backs aren't even close to good enough. Then you've got Drogba, in poor form and ageing but I think its mostly the chances being made for him are just awful. Torres has just been awful since before his move, he was getting significantly worse at Liverpool before he left and Anelka is getting on a bit and can't get games anyway.
So basically a noticeably worse squad than the thread bare first team squad they've always had, with some of their best players edging into the last years of their careers.
Chelsea's squad, for the wages and amount they've spent is insanely small and lacking quality in almost every position. While you'd take Lampard or Mata over Barry/Milner, you wouldn't take them at this point over Yaya/Silva, there isn't a single position I'd take a chelsea player over a City one, keeper, defence, midfield, upfront.
They could have bought what, Torres 50mil, luiz + ramires about 40mil together? They could have bought 6-7 QUALITY players instead of those three who aren't even close to good enough.