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Has the UCL lost its lustre?

It used to be so different, not least for clubs like Arsenal, whose manager might look back now with a wry smile. In August 2011, ahead of his side's Champions League qualifier with Udinese, Arsene Wenger was asked about the cost of failing to reach the competition -- not least in the transfer market. It almost dominated the buildup to the game more than the question of actually playing in the competition. Usually so detached and sensible about these kind of hyperactive discussions, the Arsenal manager outright admitted that "it is easier" to sign higher-quality players if you make it into the elite competition.