i was in your situation. (still am, for that matter.) i think you prioritize around one goal: win the relegation match. this frees you up to manipulate enthusiasm and training. you will take a hit (probably) on fan enthusiasm, so lower ticket prices and watch expenses. train your weaknesses -- you will not be competing with the best teams, either with individual players or collectively as a team, for some time. and always remember your goal is to (1) avoid an 8th place finish and (2) be able to beat a team in the other division who is likely to finish 6th/7th.
for my money, this situation is when the game became fun.