Yep.
The situation is that we're still a big club in terms of size and wealth, but slipping in relative terms, with Newcastle entering the running as a competitor for an increasingly crowded top four.
I think we're looking at an extended stay on the fringes of the top four at the moment, that will only be ended by both heavy spending and the kind of leadership from the footballing side that we've been lacking for a pretty long time now, depending on your view of Wenger's challenges.
The Venkatesham / Sanllehi / Edu combination is not convincing though it's easy to blame people when things aren't going well.
Right now we'd need a handful of inspired signings and a clearing out of the bad eggs and morale killers to start with, but I don't see it coming this summer. It's a hard task to be our manager.