I understnad your thinking, but I think we will qualify aigain for CL after this season by finishing top 4.
But remember our priority is to win the EPL and the CL. Wenger does not share that goal with us. He does not care whether we finish 1st in the EPL or not. His economics degree tells him he makes more money year-over-year if he finishes in the top 3 in the EPL and makes it to the second stage of the CL.
This way he saves the extra 25-50 mil needed to become a (maybe) EPL winner.
Given his success - all but last in the top 2 in the EPL - I don't understand why we question the wisdom of AW. I would love to see a strong center half and another holding midfielder. We complain so much about the lack of activity but he has been more active during the Jan transfer window (don't forget Diaby, Adebeyour, Ebouye, etc) than most of his counterparts. I am nervous, too, but prepared to say "in the professor we trust."