Luton seem to be using the model of spending as little as possible (in EPL terms) in the hope they finish just above the relegation spots.
Given the massive amounts involved in parachute payments and TV revenues, it's pretty low risk as it means you can still rake it in even if/when you get relegated, and the parachute payment gives you a jump start on your Championship rivals' budgets the following season.
If you are one of the rare teams that manages to stay up for a couple of seasons then the financial rewards are immense.
Of course, it can make for terrible games.