Saw this interesting article on how defeated play off finalists have bounced back in the years that followed. Of the ten teams before Watford, half of them finished again in the play-off places or higher, with three managing promotion, two as champions. Full article here - lots of reasons to be optimistic given previous performances of teams in Watford's position, as well as strength of squad etc. http://hitrowz.com/2013/08/03/so-close-yet-so-far-what-becomes-of-beaten-play-off-finalists/