We were eliminated by Lyon, Porto and Villareal in 3 consecutive seasons, hardly giants of the modern game.
We, as a club, have regressed, and we are definitely not in the top tier anymore - I honestly don't think we're a top 8 club in Europe.
You can be delusional and blindly optimistic if you wish, but a CL first-round exit is a distinct possibility. I rate our chances of finishing first @ 15% and 2nd @75%, but there's actually a real risk of elimination (I'd say 25%).