Cheltenham have never had a strong squad. Nor have they ever had a very big one. Their model is to very much stay within their means, recruit young players at low cost, recruit all players on short contracts and hopefully sell them on at a profit. They then bulk up the backbone of a team with loanees from one of their more well-heeled "rivals" such as Swindon or Bristol City or one of the Birmingham teams.
Every now and then they cobble together a reasonable 1st XI, avoid injuries and suspensions and get themselves in or near a promotion spot and occasionally they go up. Such is their lot that once up they are unable to compete for players either in number, length of contract or size of contract and they go back down again - for them it isn't a matter of if but when.