You do have to wonder just how screwed Newcastle are if they get relegated. Owen Viduka etc are all on huge contracts, and many of them don't have much resale value really, and even though some of them will be attractive to other clubs, will they pay the same wages?
They are both out of contract. I don't know who else they have on big money - probably Martins, Coloccini, Duff, and probably Alan Smith and Joey Barton knowing them.
I suspect Newcastle might benefit in the long run from a spell in the Championship. If their "loyal" fans keep filling up St James' Park, revenue will be good, and they would surely be an attractive side for the better players. They've got a few young players who look decent prospects - Andy Carroll will probably shine for example.
If Ashley can keep them in business long enough for Shearer (or his replacement) to build a team of men who want
to play for the club, they'll be back up in no time.