It cost us revenue and maybe it will cost us players as well. Who wants to spend their career at a club that isn't even in the Champions League?
Saka will have the likes of Foden & Grealish in his ears at the World Cup telling him how great it is at City and what playing in the top tier of Europe is like.
I think Arteta could get us back into the top 4 but I don't think he's good enough to win the title with us. He's our Brendan Rodgers, albeit with far less exciting football than Rodgers had Liverpool playing. If he makes top 4 he has a job for the next decade at least because every subsequent failure (whether that's failing to win the title or dropping out of the top 4) the excuses will be "He got us back into the CL after seven years, give him time"
The only salvation I see is if Arteta somehow manages to con City's owners to let him be Pep's replacement because only way we're going to be rid of these charlatan is if he goes of his own accord. The goal posts will always be shifted and excuses made. I imagine next season it will be how we have too many new players and Arteta needs time to get them to gel together. Although when he inherited the squad the excuse was that he needs to build his own team, which he has twice over now.