According to the ex-Bafana Bafana goalie, rivals Mamelodi Sundowns and Orlando Pirates remain far ahead of Chiefs in terms of quality and consistency.
To bridge that gap, Baloyi insists that the club must be ruthless in the transfer market and, more importantly, in the dugout.
He believes the current technical setup involving Khalil Ben Youssef and Cedric Kaze should not be considered for the long-term future if the club wants to regain its former glory.
"To make things right, there are a lot of tough decisions the club has to make with regard to players. The types of players they are going to sign, and the coach," Baloyi explained.
"For me again, it is not even a conversation or even a question of asking ‘are you keeping these coaches [Khalil Ben Youssef and Cedric Kaze]?’
"For me, it must never even be a question or a conversation. It is clear that Chiefs needs to get a top-class coach to take Chiefs back to being a top-class club."