We've always been a team that spends most of its time in the top flight, with spells in the second tier, but we always used to be a good cup team to alleviate the lean spells.
From the mid-'80's until the mid-'00's we had the leanest spell in our history, and it's left a lot of our fanbase with a skewed idea of where the club is and what it should be - little old Albion. Add to this the prolonged economic downturn in a formerly massive manufacturing region, and it's no surprise that we are where are.
We're bigger than the likes of Watford, Fulham, Bournemouth, Cardiff, etc., and we should be up in the Premier league, as well as teams like Leeds, Sheffield Weds, great names of English football. Of course now it would take good management, but the only reason we're not there now is because two idiots spent all of the money in the club in one go.