I'd argue, but losing Fabregas is the last nail in the coffin which would make your statement absolutely true. Unless we keep Nasri and make at the very least two big signings, we really are going to be left behind. I am hoping Tottenham are forced to sell Modric, imo that would give us a big chance to qualify for CL next season even if we don't adequately replace Cesc.
Also, i don't blame Nasri for wanting to leave. Not at all, until Wenger and the board stop fucking around and show some freaking ambition, there is absolutely no reason for quality players such as Fabregas and Nasri to stick around. It's not like they're local boys or lifelong fans of the club or anything.