If anything our wage bill will be lower because there won't be any champions league bonus related payments while theirs will probably go up because of them.
You seem quite certain that messers Ozil and Sanchez will stay then? I am less sure about the latter and to a degree perhaps Wenger's continued stewardship could be an issue in the sense of his rigourous management of purse strings.
You're a financial man anyway and you will be aware that increases to players will be somewhat balanced by departures and I expect to see quite a few this summer - Gibbs, Debuchy, Jenkinson, Ospina, Perez and perhaps higher earners such as Wilshere and maybe Giroud even Theo who appears to have quite dramatically in recent weeks fallen down the pecking order.
Yes, I'm guessing that Ozil and Sanchez stay. Ozil because I don't think there is much of a market for him and Sanchez because I think we'll pay what he wants. But who knows really.
As for our wage bill change, I would expect it to be higher despite departures, decreases due to no CL etc. I'm sure you've noticed that football hasn't been short of inflationary pressure the past 10-20 years.
Liverpool fans! Twelve months from now, after Liverpool fail to qualify for the CL again - which they will - they'll be wanting Klott's head.