I played a couple of seasons in the German league. I noticed that the income (= always a total of 4.5M) for every season was almost identically regardless of the success. One season I finished on the last place. One other season I finished in the quarter finals of the European cup and in the semi-finales of the play offs. In both seasons I had almost the same income. That means when you play the game from economical aspects you had to build up a team that is as cheap as possible because it doesn't matter if you play successful or not.
I'd expect to produce a higher or lower income depending on the success. Even playing many matches in the European cup should have produced additional spectator revenues. Or the reputation of the team should go up or down.
I'm not sure if this is a problem of EHM itself or of the data file. But I wanted to share these experiences with you.