Everton’s unbeaten start to the season came to an end at the weekend when they lost 3-0 at Aston Villa away from home.
The Toffees also crashed out of the EFL Cup after being beaten by Queens Park Rangers on penalties earlier this week and some of their early-season optimism is gradually disappearing.
With Calvert-Lewin and Richarlison out due to fitness issues, Thompson believes that the lack of squad depth at Goodison Park has been laid bare in the last week.
Everton spent little money in the summer to strengthen their squad due to financial restrictions and the former defender stressed that without Calvert-Lewin and Richarlison, they could really struggle in the coming games.
Thompson said on the Where’s Jeff podcast: “I really think they are showing a lack of depth in their squad and their investments.
“I know he plucked [Demarai] Gray out and signed [Andros] Townsend for nothing. Rodriguez is off to Qatar and who Rafa obviously doesn’t fancy.
“You are looking at their strength and you are going wow, they need to get them [Calvert-Lewin and Richarlison] as soon as possible otherwise that good start that they had, they could pay for it.”
Everton will hope for a change of fortunes when they host bottom-placed Norwich City at Goodison Park on Saturday.