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Not necessarily.. It will depend on a number of factors, most of which I won't go into.. But I will say this:
Florentino has come into office with a goal in mind: to restore Real Madrid at the pinnacle of world football; in terms of prestige, having the best players, and wowing the football world with our football.
Secondary to this vision is the fact that the focus will undoubtedly be the Champions League final next year.. in none other than the Santiago Bernabeu.
So yes, the CL will undoubtedly be the focus this season, but that is not to say that there will be zero attention paid to the domestic season/cup. Pellegrini's stay will depend on the style of football he is able to conjure out of the squad, as well as - obviously - results.
The expectation is there to win the CL HOWEVER rest assured.. Pellegrini will not be sacked if we bow out in the Semis to a top tier team on penalties (for example). He will however be shown the door should we be dumped out 4-0 on aggregate at the L16/QF stage and if there is obviously no footballing system in place that has the potential to bring silverware.. It's simply a matter of expectation at this level.. and rightly so.
N.B. Whether or not all the managers that have been sacked since Del Bosque's lack of contract renewal by Perez (DB was not sacked by the true definition of the word) is a matter for separate discussion..
Perez's chief goal, both the first time around, and I believe this time as well, is to generate the most revenue for the club.
Don't kid yourself if you don't think the primary objective of the Galacticos concept is not to add to the Real Madrid brand from a marketing perspective so that the club can generate the most income and enhance its brand name recognition on a global scale.
Football greatness is second on the agenda. There is a reason why world class defensive players were never purchased, quite the contrary, players like Makalele were forced out.
The Galacticos concept worked pretty well from an economic perspective, and i have no doubt it will do so this time as well.