"It's pretty obvious that at the moment his squad on paper is an awful lot stronger than ours," Hodgson said. "No question.
"The fact that it is stronger is due in part because it cost him a fair amount of money to assemble. To be fair we have got some pretty expensive players at our club too.
"Unfortunately we are not favourites. But we also have some players who cost a lot or are high value. I think it's impossible to judge those things.
"You can only judge the manager on the work he does, where he is, with the possibilities that the job gives him.
"We can look back at Jose's career, wherever he has gone, he has done an excellent job with whatever he has been given.
"It hasn't always been the Man United and Chelseas where there has been a lot of money to spend. His reputation as one of the world's best managers in my opinion is justified."