David Moyes, who took the club from strugglers to a team consistently challenging for the Premier League's European spots, left Merseyside in 2013 after 11 years.
Since then, barring a promising season under Ronald Koeman, when they finished seventh in 2016/17, Everton have been trending downward.
For the last three years, the Blues have been locked in relegation battles and the closest they've come to silverware is an EFL Cup quarter-final defeat to Fulham.
That said, there is reason for Evertonians to keep their hopes high for the years to come.
Promising takeover
Following the announcement of The Friedkin Group's (TFG) deal with Everton's majority shareholder, Farhad Moshiri, for the takeover of the club, the Blues have been a hot topic.
The Group's CEO, Dan Friedkin, is also the owner of Serie A side Roma, so there has been some intrigue from Italy over this new arrangement.
Friedkin took charge of the Giallorossi in 2020 and has overseen consecutive sixth-place finishes in the Italian top flight over the last three seasons.
In 2021, Jose Mourinho was lured to the club - seen as a major coup - and guided the Romans to Conference League glory in 2022; their first trophy in 14 years.
Roma can, at least, be seen as a case study for Everton fans wondering how their club might now operate with unfamiliar people at the helm.
In the last three years, Roma have secured deals for striker Artem Dovbyk, who was wanted by numerous top clubs, and exciting winger Matias Soule, 21, from rivals Juventus.
Roma have also acquired the services of Paulo Dybala, Leandro Paredes, Nemanja Matic, Andrea Belotti and Houssem Aouar in thrifty transfers.
While a few of those moves ultimately didn't work out, it does show good nous for sniffing out opportunities in the market.
Under TFG, Everton should feel more financially secure; the Group's revenue was £8.4 billion in 2023, as per Forbes, which has offered Roma stability.
TFG will use their own money to invest in Everton and shouldn't rely on lending - something that can't be said for Moshiri's ownership.
Flirting with relegation
Over the last three years, Everton have played a dangerous game with relegation from the Premier League.
They narrowly survived the drop on the final day of the 2022/23 season and fans invaded the pitch to celebrate.
Even though they were absolutely justified (no-one should police good times), the touching scenes were also a visual representation of how far the club has fallen.
Everton have started the new season poorly, enduring thrashes against Tottenham (4-0) and Brighton (3-0) and shipping winning positions in defeats to Bournemouth (3-2) and Aston Villa (also 3-2).
Their first Premier League win arrived at the sixth time of asking in a victory over Crystal Palace (2-1) at home.
If Everton are unable to turn things around, particularly against teams like Bournemouth, they are on-course for another relegation-threatened season.
This is the first stumbling block the Blues must overcome if they are to return to their former heights because, as it stands, they're an unattractive destination for top players.
Off-the-pitch stabilisation brought in by TFG should help and, crucially, allow the club to avoid further punishments for breaching the Premier League's financial regulations.
New stadium
Another off-the-pitch element to consider, despite literally being the pitch, is Everton's new stadium.
It's location is second-to-none; perched on the famous Liverpool waterfront, which should help cement it as one of the country's most elite venues.
It probably won't help bring players to the club, but off-the-pitch benefits, such as hosting events in the off-season, will help with the aforementioned stabilisation as well as general exposure.
The first key date for Everton's new stadium at the Bramley-Moore Dock is co-hosting Euro 2028.
Ancelotti's false dawn
Everton have experienced highs and lows over the last decade or so and a turning point was felt when Carlo Ancelotti - perhaps the greatest manager of his era - joined the club in 2019.
"Don Carlo" was forced to work with very little at Everton, with the free transfer of James Rodriguez his most eyebrow-raising capture.
Abdoulaye Doucoure and Allan were also signed during Ancelotti's time on Merseyside, for clarity, but getting James from Real Madrid felt significant.
The Blues looked good under Ancelotti's tutelage and recorded 12th and 10th-placed finishes with the Italian at the helm.
But, in the summer of 2021, when Zinedine Zidane announced his Madrid departure, Carlo abruptly severed ties with Everton to rejoin Los Blancos.
Former Liverpool manager Rafa Benitez then joined the club, but lasted just six months before Frank Lampard's year-long tenure.
Sean Dyche then took the reins, which, relatively speaking, helped steady the Blues' on-pitch performances from 2023 until now.
Dyche's future
Former Burnley boss Dyche is the manager Everton needed; between his arrival and the end of last season, the Blues averaged 1.22 points per match.
It is a myth, but to avoid Premier League relegation it's said a team needs to achieve 40 points in a season.
Under Dyche, Everton have achieved 36 (in 2022/23) and 40 (in 2023/24). They have relied on other teams being worse to maintain their top-flight status.
Last season's relegated sides achieved unusually low totals: Luton Town picked up 26; Burnley 24 and Sheffield United 16.
The season prior, in which Everton needed to win their final match to stay up, Leicester were relegated on 34 points; Leeds 31 and Southampton 25.
That said, you can only beat who is in front of you and, no matter how bad they are, the three worst teams in the league are those relegated.
Dyche got the job done on both occasions - and without the mess of points deductions last season, the table could look more kind.
So, is Dyche the man to lead Everton post-takeover? He wants to be, but his words aren't encouraging.
"I never think about stuff like that," he recently said, when asked about leading the Blues in 2024/25. "I have learned so much from being in the game, I have learned from so many twists and turns.
"Of course, I would (want to be the manager), but there is no divine right to just go 'Oh well, you are definitely the person to do that'. And if not, then that is the way it goes."
Perhaps his words are less about encouragement and more about respect. After all, Dyche hasn't yet sat down with the forthcoming owners.
“I can't say how I feel until it (the takeover) is over the line," he said. "I'll speak to them and say 'What do you want to know?', 'What are your thoughts?' and 'Where is it going to go?'."
It's unclear what the next steps are for Everton, but, with an impressive stadium and new ownership now just on the horizon, there are reasons for Evertonians to keep their hopes high.
A word of warning, though. At Roma, this year alone the owners sacked Mourinho and his replacement Daniele De Rossi - the latter being a wildly unpopular decision.
All eyes will be on whether Dyche will remain in charge if Everton do hit another sustained dip in form.
"All I can do is keep working really hard, and that certainly hasn’t gone anywhere but up," said Dyche.
"The work rate here doesn't go down, trust me. The work rate here just goes up. Every new window, managing the money, managing the wages, 'Can we get players in?' and 'Can we get players out?'. It's just a constant."
Everton are next in action against Newcastle this Saturday in the Premier League, with three points lifting them as high as 12th and points dropped potentially landing them in the relegation zone.
