Arsenal fans - are you happy that you didn't get pulled into the Conference league or sad that St Totteringham Day didn't materialize this season?
Missing out completely on Europe means you can have a smaller squad fully focussed on domestic games. I don't know how much money you're likely to lose by not being in Europe though.
I certainly didn't want to be in it. The only real benefit I could see from being in that competition would be youngsters getting game time, & by youngsters I mean the likes of Balogun & Azeez who aren't deemed ready for the first team yet but are highly rated. The competition itself means absolutely nothing to me.
As you & others have mentioned, the benefit of no European football is that you can run a tighter squad. Arteta & Edu have got rid of some of the bloat, but there will be more to come this summer. The current squad is this.
GK - Leno, Ryan, Runarsson
Full Backs - Bellerin, Chambers, Soares, Tierney, Kolasinac
Central Defence - Luiz, Holding, Gabriel, Mari, Saliba, Mavropanos
Midfield - Partey, Elneny, Xhaka, Maitland-Niles, Willock, Ceballos, Guendouzi, Torriera
Attacking Midfield - Odegaard, Smith-Rowe, Willian, Saka, Martinelli, Pepe, Nelson
Strikers - Aubameyang, Lacazette, Nketiah, Balogun
Now, Luiz is already leaving, & Ceballos & Odegaard will return to Real Madrid. The rumoured outs look like being Bellerin, Kolasinac, Mavropanos, Maitland-Niles, Guendouzi, Torriera, Nketiah for sure, perhaps Willian as well.
Decisions will have to be made on the likes of Willock, Nelson & Lacazette.
I can imagine the squad looking something like this next season
GK - Leno, Ryan, Runarsson
Full Backs - New RB (
Emerson Royal / Arrons) , Chambers, Soares, Tierney,
New backup LB (Buchanan, Doig)
Central Defence - Saliba, Holding, Gabriel, Mari
Midfield - Partey, Elneny, Xhaka, Willock,
New Midfielder (Bissouma / Berge)
Attacking Midfield -
New Attacking Midfielder (Odegaard / Buendia) , Smith-Rowe, Saka, Martinelli, Pepe,
Strikers - Aubameyang, Lacazette, Balogun
I wouldn't be surprised to see another striker in with Lacazette leaving.
So yeah, a lot of work to do. The players I've added are the players we've probably been most linked to in each position & seem realistic in terms of who we can attract, & I've left out the unrealistic links like Hakimi, Camavinga, Aouar.