There was an interesting article by Goodplaya questioning whether if we do qualify for the Champions League, it will merely paper over the cracks:
http://www.goodplaya.com/blog/a-part...g-in-disguise/
He's right, the club seems to be stagnating at the moment, with little ambition to do anything beyond the stated target at the start of the season. If we do get 3rd, I can see Wenger saying we have done extremely well despite the turbulent start to the season (which was entirely his and Gazidis' fault for failing to properly replace Nasri and Cesc even though they must have known both were going to leave early in the summer) and therefore massive surgery is not required. He's already said there may not be massive movement in the transfer window, which sounds as if he's preparing us for more disappointment in terms of new players coming in.
Perhaps a year where we fail to qualify for the Champions League will force the club to ask deep searching questions about our ambitions. Maybe it will make us realise that when setting your targets low, you'll end up doing the bare minimum to achieve those targets which can eventually result in you failing to make those targets anyway.
Yes, you could argue that it will be financially catastrophic but I'm sure Gazidis said that there are contingencies in place in case we don't qualify for the Champions League, so I doubt it will leave us financially crippled. Others will say we'll fail to bring in top quality players, but when in the recent past have we bought in top quality players even though we were in the Champions League? I wouldn't call Gervinho, Squillaci, Chamakh, Santos, Park, Bischoff, Silvestre etc top quality.
If we do end up in the Europa League, and end up winning it, maybe it'll generate that winning mentality that has been so severely lacking in our team for several years, and which explains our end of season collapses and cup exits. Having said all this though, it's probable that if we do qualify for the Europa, Wenger will simply treat it like the FA Cup/Carling Cup.