The Foxes currently sit rock-bottom of the Premier League after falling to a 1-0 defeat at home to Manchester United, with the Foxes booed off at full-time following another underwhelming display.
Despite hanging onto key stars such as James Maddison, Harvey Barnes and Youri Tielemans, Leicester's lack of movement in this summer's transfer market is already beginning to show.
The Foxes lost star centre-back Wesley Fofana to Chelsea this week, replacing him with Reims defender Wout Faes for £15m, their only outfield addition of the window.
Aside from Faes and goalkeeper Alex Smithies on a free transfer from Cardiff City, the Midlands club sat still while their rivals took part in the Premier League's biggest-ever transfer window.
And it turns out Rodgers is equally as worried by the lack of investment in the team from the hierarchy this summer as the club attempted to tighten their purse strings.
"This isn't the club that it was a couple of years ago," Rodgers admitted after the game.
He continued: "I understand the fans' frustration. They see all their rivals getting players in and we're not getting any.
"With the greatest respect, we have not had the help in the market this team needed.
"To watch clubs in the top five leagues add players and we haven't been able to do that has been difficult. We needed help and we haven't been able to do that.
"I came to Leicester to compete and initially I was able to do that. You have to add quality but in the last two [transfer] windows we haven't been able to do that.
"I would have loved to have added five or six players but if you can't do that you have to respect it and work with what we have."
Rodger's honest assessment comes just after now ex-Bournemouth manager Scott Parker spoke out about his side being 'ill-equipped' to compete in the Premier League following the Cherries 9-0 loss against Liverpool.