I think you may be mistaken... Playing in the Premier league alone or longer doesn't neceassary mean you become a big club compare to those playing in the lower divisions... It just mean you have manage well these last few years only... And despite playing in the top level, very few supporters still turn out to watch your club play... That's an indication of how big or small you are... Bolton or Burnley are probably not much difference... They both attract about the same amount of crowd each match.
Of course history and club attendance is definitely one good source to take as to judge whether a club is big or not... You take Newcastle or even Leeds who are playing in League 1 (2 Divisions down)... These are bigger clubs than Bolton or Burnley and I think you will agree with me... Even Sheff United or Wed are as big a club as these two... And they still are. They attract as many fans to their matches despite playing in a less attractive lower league. And like Sunderland before them, more will turn up if they reach the top level... For Bolton or Burnley who are already in the top level, unfortunately, still only manage what those in the lower league gets. So we can assume that once they get relegated, their 20 thousand will become 15 and15 could become 10 thousand like what Burnley was playing to 2 yrs ago only...
It's just that things have not been good these last few years for those clubs that's all... But they are no different from Burnley or Bolton... And probably bigger than them. Southampton was in the top level for 27 yrs... But so what? They got relegated and that's it... Gone. But I think they may still be bigger than Bolton though... lol.
There are just so many examples out there... Nottingham Forest, West Bromwich Albion, Middlesbrough and Reading... We take Reading, they were in the lower league... Then under Steve Coppell, they manage to come up... They manage to survive their first year... Then their 2nd year, they did really well and people were singing the praise of Steve Coppell of how good he was this and that and was another who could succeed Fergie at United afterall he was an old boy... But he still wasn't experienced. Then the next year, they went down... So Owen Coyle brought Burnley up... He can also take any side down like Alan Pardew as well... As they say, the difficult part is not to take them up but to keep them in the top level...
Yeah, Bolton attracted some known players or in your term... "advanced years but still world class players" But how did they got there? Was it because of the club or the management skills of a certain Sam Allardyce that got those you mentioned like Djorkaeff, Fernando Hierro, Campo, Okacha, El Hadji Diouf, Gary Speed, Anelka all there in the first place? Yeah, all signed by Big Sam if you are not aware... All of them, even present day Kevin Davies was signed by him...I don't think these players would have gone to Bolton had they not met him and he manage to persuaded them to sign for the club after having sold his vision for the club to them... And since he left, did they got any of "advanced years but still world class players" in to date?
The thing I read about how Owen Coyle got to the Bolton job I think has not much to do with Burnley, The Bolton chairman already wanted him before he appointed Gary Megson 2 yrs ago. Just that he was 2nd choice.
On Hodgson, I don't think he would have cost that much either... Even now he just signed a 12 months rolling contract only... It could have been lesser who knows... his salary maybe lesser than $2.5m. Even Mark Hughes, who is currently out of a job and have work wonders at Blackburn, would have been a better choice to me... And the best thing is, there is no compensation required... lol.
To me, its a risky choice with a lesser chance of surviving in the longer term... and he may turn out to be another Steve Coppell or maybe worse... cannot even last 3 seasons...