That's the view of former Premier League striker - and huge Gunners fan - Darren Bent, who insists Manchester United have been 'bigger failures' this season.
A place in next season's Champions League was within Arsenal's grasp, but tough defeats in the north London derby to Tottenham and then away at Newcastle on Monday night have destroyed their chances.
Spurs are now in pole position to seal a Champions League return, and will book their place if they beat Norwich on the final day of the season.
Despite seeing a top four spot slip through their fingers, though, Bent believes it has still been a good season for Arsenal after the way things started, and the signs that things are looking bright for their young squad.
He told talkSPORT Breakfast: "It was disappointing and, unfortunately for Arsenal, when they needed to show composure and discipline the most, they didn't.
"The four performances before that were good, but then the one against Spurs completely took the wind out of their sails.
"They went to the Tottenham Hotspur Stadium and got blasted. Rob Holding lost his head, the penalty, the atmosphere.
"Then they went from one cauldron to another. They got beat by Tottenham then went to St James' Park and it was the same thing.
"They couldn't handle the pressure and the occasion. They probably couldn't handle everyone saying it was theirs for the taking.
"Fair play to Spurs, they've kept their heads when they needed it the most. It looks like they are going to get top four.
"Listen, it's not a failure not to get top four. I've heard so many people talking about how it's a failure.
"Arsenal were eighth last season and rock-bottom after three games. They are going to be back in Europe, how is that going to be a failure?
"I know he's spent a lot of money. It's the youngest squad in the Premier League. It's disappointing not to be playing in the best club competition in the world, but it's not a failure."
Bent also compared their season to that of Manchester United, who have gone backwards under first Ole Gunnar Solskjaer and then interim boss Ralf Rangnick.
He added: "Look at Manchester United…
"They finished second last season and now it looks like they are going to finish sixth or seventh, after they've added Rapahel Varane, Jadon Sancho and Cristiano Ronaldo.
"That's failure!"