As it turned out, the Cottagers exceeded all expectations and managed to register their highest Premier League finish since 2011-12, ending the campaign seven points inside the top half while reaching the quarter-finals of the FA Cup for good measure.
Here, Sports Mole takes an in-depth look back at Fulham's 2022-23 campaign, which saw Marco Silva's side cement their status as a competitive top-flight team.
SEASON OVERVIEW
Final league position: 10th
EFL Cup: Second round
FA Cup: Quarter-finals
Top scorer: Aleksandar Mitrovic (15)
Most assists: Andreas Pereira, Willian (6)
When Fulham were promoted to the Premier League in 2018 and 2020, the club's transfer strategy was lambasted as countless players arrived and departed in the lead-up to both seasons, seemingly without any real plan.
Appearing to have learnt from past mistakes, the Cottagers made a handful of shrewd acquisitions last summer, bringing in Sporting Lisbon midfielder Joao Palhinha for £18m, Andreas Pereira in a £8.5m deal from Manchester United, Arsenal goalkeeper Bernd Leno for £3m and ex-Chelsea winger Willian on a free transfer.
Teaming up with established players such as Aleksandar Mitrovic, Tim Ream and Harrison Reed, the new signings helped Fulham make a strong start to the 2022-23 campaign, with Marco Silva's men holding Liverpool to a 2-2 draw on the opening weekend, courtesy of a Mitrovic brace.
Following a goalless draw at Wolverhampton Wanderers, Mitrovic scored a 90th-minute winner as Fulham secured a dramatic 3-2 victory over Brentford, extending their unbeaten start to three matches.
However, a shock EFL Cup exit at the hands of fourth-tier Crawley Town sparked a run of five losses in seven games for the Cottagers, who suffered league defeats to Arsenal, Tottenham Hotspur, Newcastle United and West Ham United during that period.
Fulham stopped the rot with a four-match unbeaten streak in October, picking up victories over Aston Villa and Leeds United while drawing with Bournemouth and Everton, but Silva's men suffered back-to-back defeats just before the World Cup break.
Still, the Cottagers finished the first phase of the season in ninth place thanks to an impressive start to the campaign, and they bolstered their squad during the break with the addition of experienced centre-back Shane Duffy, Serbian midfielder Sasa Lukic and Arsenal right-back Cedric Soares.
Fulham returned from the World Cup break with a run of five successive victories across all competitions, defeating Crystal Palace, Southampton, Leicester City and Chelsea while kicking off their FA Cup campaign with a 2-0 win over Hull City.
Between December and February, Silva's side suffered just two defeats in 14 games, rising as high as sixth in the Premier League table while dispatching Sunderland and Leeds to set up an FA Cup quarter-final showdown with Manchester United.
However, things turned sour in March as Fulham endured a five-match losing run and suffered a 3-1 defeat to Man Utd in the FA Cup, with star striker Mitrovic receiving an eight-game ban for pushing referee Chris Kavanagh during the loss at Old Trafford.
It is no coincidence that Fulham's form took a turn for the worse while Mitrovic was suspended, with the Cottagers recording five defeats in seven outings following his ban, but the prolific Serb returned to fire his side to an impressive top half-finish, scoring three goals across the final three matches.
Despite a 2-1 defeat to Man Utd on the final weekend, Fulham ended the season in 10th place - seven points clear of 11th-placed Crystal Palace and seven points shy of ninth-placed Brentford - achieving a hugely respectable finish on their return to the Premier League.
PREMIER LEAGUE STATS
Wins: 15 (=10th)
Draws: 7 (=10th)
Losses: 16 (=10th)
Goals scored: 55 (9th)
Goals conceded: 53 (=10th)
Yellow cards: 80 (=6th)
Red cards: 1 (=14th)
Passes: 16,197 (10th)
Shots: 429 (=13th)
Big chances missed: 30 (=16th)
Saves: 146 (=2nd)
Tackles: 624 (11th)
Own goals: 2 (=11th)
Hit woodwork: 15 (=11th)
Clearances: 714 (12th)
HOW DID IT COMPARE TO LAST SEASON?
Of course, it is difficult to make a direct comparison to how Fulham fared during the 2021-22 campaign, given that Silva's side were competing in a different league, but there are still plenty of notable facts and figures to discuss.
The Cottagers won 27 of their 46 matches en route to claiming the Championship title, giving them a win rate of 59%, while Silva's men also netted a whopping 106 goals, meaning that they averaged 2.3 goals per game.
In 2022-23, Fulham picked up 15 victories in 38 Premier League outings, winning 39% of their matches, and they also averaged 1.4 goals per game after finding the back of the net 55 times.
It is also worth noting that Fulham enjoyed an improved FA Cup run this time around, reaching the quarter-finals after falling in the fourth round last season, although they recorded an earlier exit from the EFL Cup.
Top scorer Aleksandar Mitrovic bagged 43 goals in 44 appearances during the club's Championship title-winning campaign, averaging almost one goal per game, and although he adapted well to top-flight football in 2022-23, he scored 14 goals in 24 Premier League outings.
PLAYER OF THE SEASON: JOAO PALHINHA
Following Mitrovic's record-breaking campaign in the Championship, it was difficult to imagine anyone other than the Serbian striker being Fulham's star player in 2022-23, but Joao Palhinha enjoyed a standout debut season at Craven Cottage.
When the Portuguese defensive midfielder arrived from Sporting Lisbon last summer, few could have predicted the impact that he would make, but it is safe to say that his £18m price tag now looks like an absolute bargain.
Palhinha started 35 of Fulham's 38 Premier League encounters, missing only three matches due to suspension, as the 27-year-old picked up a league-high 14 yellow cards, which tells you everything you need to know about his tenacity and eagerness to win the ball for his team.
On top of that, Palhinha finished miles clear at the summit of the Premier League's tackles leaderboard, making a colossal 147 tackles throughout the campaign, with Brighton & Hove Albion's Moises Caicedo finishing second with 100 and Everton's Idrissa Gueye finishing third with 97.
Having also chipped in with four goals across all competitions, Palhinha is now widely regarded as one of the most complete midfielders in Europe, so it is no surprise that a number of high-profile clubs are reportedly looking to secure his signature this summer.
STANDOUT RESULT: FULHAM 5-3 LEICESTER CITY
Fulham ran riot against relegation-doomed Leicester during the final few weeks of the season, scoring five goals in front of a delighted Craven Cottage crowd, without the help of suspended striker Mitrovic.
The hosts raced into a 2-0 lead inside 18 minutes thanks to goals from Willian and Carlos Vinicius, with the latter then turning provider to set up Tom Cairney, who made it 3-0 on the stroke of half time.
Six minutes after the break, Cairney scored his second and Fulham's fourth before the Foxes pulled a goal back, but Willian completed his brace following a Jamie Vardy penalty miss to make it 5-1 midway through the second half.
Although Silva's side conceded a couple of late goals to take the shine off the final score, the game will always be remembered for Fulham's relentless attacking performance.
BEST MOMENT
With less than two miles separating Craven Cottage and Stamford Bridge, it is easy to understand why Fulham love getting the better of Chelsea, especially when the result keeps them above their local - and higher-profile - rivals in the table.
On January 12, the Blues made the short trip across West London but returned home empty-handed, as the Cottagers claimed a memorable 2-1 victory on the banks of the River Thames.
Willian put Fulham ahead midway through the first half before Kalidou Koulibaly equalised two minutes after the break, but following a straight red card for Chelsea debutant Joao Felix, Carlos Vinicius scored the winning goal to secure the bragging rights for his side.
Fulham ended up finishing eight points above troubled Chelsea in the final standings, underlining the contrasting fortunes of the two clubs.
TOP PRIORITY FOR SUMMER
There is no hiding the fact Fulham are a completely different outfit without Mitrovic in the team, as Silva's side struggled when their talismanic forward found himself on the sidelines at various points throughout the season.
Not only did the Cottagers lose five of their eight matches while Mitrovic was suspended, but they also lost four of their five games while the striker was injured, so it goes without saying that Silva will be looking for attacking reinforcements this summer.
The likes of Pereira, Vinicius, Willian and Manor Solomon chipped in with goals throughout the campaign, but signing a striker who can compete with Mitrovic would be a smart move.
Former Cottager Moussa Dembele is out of contract this summer, meaning that Fulham could engineer a free transfer for the Lyon forward, while Borussia Monchengladbach's Marcus Thuram and Liverpool's Roberto Firmino are also out of contract.
Of course, Thuram and Firmino are ambitious targets, but if Fulham want to build on their impressive comeback campaign and continue to climb the Premier League table, they should be looking to sign players of this calibre.
It is also worth remembering that key centre-back Tim Ream turns 36 later this year, so Fulham may aim to add some fresh legs to the defensive department during the off-season.
FINAL VERDICT
Given that Fulham finished 18th and 19th in their previous two Premier League campaigns, Silva and his players can be proud of what they achieved in 2022-23.
Having gained promotion from the Championship last year, the Cottagers were among the pre-season relegation favourites, but they ended up proving their doubters wrong in style, finishing 18 points clear of the drop zone and seven points inside the top half.