As a 3rd party looking in id say its going to take you at least another 2 seasons maybe 3 to mount a promotion bid , the problem you have at the moment bar the board obviously are the playing staff
Rodwell, Kone , Gibson, oshea, Ndong, Oviedo , etc , etc are simply not mentally tuned in to the championship they may make the odd decent appearance here and there but over a season they will be found wanting as they don't have it to play at this level they cant compete with the intensity and harrying of the teams in the league there is a lot of dross yes but every game is a battle , they cant play Saturday /Tuesday and most ordinary premier league players are like that once they drop to the championship
to make any challenge in this league you need to be well run , you need to make canny signings , have decent scouting, a good manager (which Grayson is ) but he needs time, because a few of your "star " players will have at least another 2/3 years on their deals to go , you have to get rid of them and that's not easy, ( a case in point is rodwell as there wasn't a queue of clubs out to get him ) and that's something the supporters have to get their heads around your going to get beat of your sheff utds and then maybe get a win against forest , win one lose three could be the order of the day for the next couple of seasons
ive seen it with my club QPR when we went down we had Fer, Austin, Green, Sandro, caulker all at the club with those names you would of thought we would be in the play offs but we wasn't it was terrible football and we have had 3 years of that only now we are slowly getting there we have got rid of the high earning deadwood but we have bought championship rejects, league 1 & 2 players with the odd experience head thrown in and a few lads from the youth team , that's the way your side is going to have to go , Grayson isn't stupid he knows players like Vaughan , Williams , Mcgeady, Grabban are stop gaps to plug the holes in an already poor squad , give it 2 years and you will see changes its just keeping patient through the dross of it all