Your three reasons are all valid to a greater or lesser degree.
Its also worth looking at losing a £15m striker who was the difference between a decent season and a disastrous one last year and our only genuine quality left back. Neither were replaced by player approaching their quality. AR relied on Orta finding replacements on the cheap and he didn't even come close. While Saiz is quality the rest are distinctly average or worse. Wolves recruited from abroad like us but paid for quality and that's what they've got.