In the modern game, we've become obsessed with transfer fees, wages and wage bills.

It has become more and more popular for fans to have concerns, or perhaps even boast, about the size of their club's overall wage bill, whether it's big or small.

And the old cliche 'size matters' is believed to be especially true in the beautiful game. The general consensus is that the more a club pays in wages, the better they should be doing on the pitch. That's because if you want the best players, you're going to have to be prepared to pay them the best salaries.

Of course, there will always be overachievers and underachievers, but does every club's yearly Premier League wage bill reflect their success on the pitch?

Let's find out...

20. Sheffield United - £13.31m

It's no surprise to see one of the newly promoted sides with the lowest wage bill, with the Blades spending very little on their players' annual salaries.

Given the start to the season they've had, you have to say they've been overachieving so far.

19. Norwich City - £13.58m

Another newly-promoted club, Norwich are paying only a bit more on wages than Sheffield United but while Teemu Pukki has been their star so far, they've not managed to translate that into real success so far.

With just one win from their opening four games, it remains to be seen wether they can compete with such a low wage bill.

18. Aston Villa - £23.8m

Given the level of Aston Villa's spending in the transfer window, where they spent over £100m on new recruits, it's perhaps a surprise to see them so low down in the wage bill rankings.

It's still quite early to pass much judgment on whether they can compete this season but the early signs have been quite encouraging.

17. Wolves - £32.62m

For a side that finished 7th in the Premier League last season and will be competing in this season's Europa League group stages, it's pretty astonishing to see Wolves paying the fourth-lowest annual wage bill in the Premier League.

Given how much they've impressed since their return to the top-flight a year ago, you have to say they've been overachieving somewhat.

16. Brighton - £36.21m

Brighton finished just above the relegation zone last season but spent quite a bit in the summer on reinforcements in an attempt to avoid another relegation battle.

Given they're among the lowest spenders in terms of wages in the Premier League, it wouldn't be a surprise to see them operating in the bottom half of the table again this term.

15. Newcastle United - £37.96m

Newcastle fans would no doubt wish Mike Ashley was spending a lot more on his players, but the Magpies owner did respond to fan protests by splashing the cash in the summer.

The additions of the likes of Joelinton and Allan Saint-Maximin will have no doubt boosted the wage bill somewhat, but Newcastle remain amongst the lowest spenders on wages in the division.

14. Bournemouth - £40.40m

Bournemouth are famously known as one of the biggest overachievers in Premier League history when you consider the budget they've had to work with since they arrived in the top-flight in 2015.

Their wage bill will have grown quite a lot since their first season in the Premier League but the fact they're still among the lowest spenders while not being considered a club who could be relegated is a credit to them and the job Eddie Howe is doing.

13. Burnley - £41.70m

Burnley are another side who operate on a very low budget every season, yet still manage to compete to a good level in the Premier League.

The addition of Danny Drinkwater in the summer, who is rumoured to be on around £100k-a-week, will have boosted their annual wage bill considerably, and they should perform at around the level their wage bill dictates this term.

12. Watford - £45.91m

Watford's mid-table wage bill is currently not reflective of their performances on the pitch, with the Hornets rock bottom of the Premier League after four games and with just a single point on the board.

They've just sacked boss Javi Gracia and will need to improve heavily if they're to start justifying the £45.91m they're paying a year on wages.

11. West Ham - £57.46m

West Ham managed to slash their wage bill in the summer quite considerably, with the likes of Javier Hernandez, Andy Carroll and Samir Nasri all leaving the club.

So far this season they've showed signs of being a club well equipped to overachieve in comparison to their wage bill but in previous seasons, it's difficult not to consider them as underachievers.

10. Southampton - £59.70m

Southampton appear to consistently be performing at the same level of their wage bill, although last year they massively underachieved with a 16th placed finish and just 39 points on the baord.

Ralph Hassenhutl's arrival has shown signs of re-establishing them as a solid mid-table side at the very least, which is the least they should be with a wage will that sits at almost £60m-a-year.

9. Crystal Palace £66.48m

Palace's big spending in recent years, as well as big sales, has allowed them to splash the cash on wages, too.

But with the 9th highest wage bill in the Premier League at the moment, you have to wonder see their 12th placed finish last term as a slight underachievement. It's not a worrying underachievement, but one they'll have to start improving on in the near future.

8. Leicester City - £72.62m

The former Premier League champions have managed to keep their wage spending relatively low despite their rapid rise to solid Premier League contenders.

They've managed to bring in top players on modest wages over the years and their wage bill reflects that, while they've managed to perform at around where that level of spending would indicate.

7. Everton - £88.99m

Everton are the Premier League's biggest underachievers and their wage bill certainly reflects that.

This is the season they've been tipped as one of the clubs to potentially break the Premier League's top six, and with the division's 7th highest wage bill, they should be part of that conversation by default anyway.

6. Tottenham - £93.42m

Spurs have always had a pretty strict wage structure but in order to compete at the level they have done over the last couple of years, they've had to be a bit more flexible.

Still, with the sixth-highest wage bill in the division, you could say they've been overachieving somewhat - they managed to reach the Champions League final last season and they're no consist finishers in the top four.

5. Chelsea - £98.65m

Chelsea's wage bill will have dropped significantly with the departures of Eden Hazard and David Luiz in the summer, but it's still very high for a club who currently sit 11th in the Premier League and have struggled to challenge for the title over the last couple of seasons.

Under Frank Lampard they look like they're going to struggle to truly compete again and have even been tipped as one of the sides who could crash out of the exclusive top six club this term.

4. Arsenal - £101.19m

It's somewhat ironic that Arsenal are fourth in this table and their reputation as a team who just play to finish fourth certainly justifies that level of spending in the Premier League.

However, they just don't seem to be improving under Unai Emery and look set to repeat yet another battle for fourth this time around.

3. Liverpool - £113.26m

Jurgen Klopp has established Liverpool as the only side in the Premier League capable of toppling Pep Guardiola's Manchester City, and they came so close to doing that last season.

But with a sixth Champions League under their belt and a 100% Premier League record this season at the time of writing, they're certainly looking well on course to justifying their huge wage bill again.

That said, it's a far more modest wage bill in comparison to their direct Premier League rivals...

2. Manchester City - £145.77m

Widely regarded as the best side the Premier League has ever seen, it's no surprise Man City are spending £145m-a-year on wages, but given that's over £30m-a-year more than Liverpool's, it's no real surprise they've dominated over the last few years.

And the fact they're not the biggest spenders in the Premier League is pretty astonishing...

1. Manchester United - £163.80m

We all know how much Man United have underachieved since Sir Alex Ferguson retired, but how can they justify a annual wage bill that's almost £20m more a year than Man City's despite not challenging for the title?

Romelu Lukaku and Alexis Sanchez's departures will have slashed that wage bill considerably, but there's still so much money being spent on underachieving players at Old Trafford.

So the fact they're being tipped as one the clubs who could potentially fall out of the top six this season is worrying for them.