Another season, another set of tantalizing “what ifs” swirling around the Emirates. Arsenal, a phoenix rising from the ashes of past disappointments, found their Champions League dream extinguished in the Parisian night, falling 2-1 (3-1 on aggregate) to a Paris Saint-Germain side that, crucially, navigated the semi-final without the electric, if sometimes erratic, presence of Ousmane Dembele. The final will now pit the French champions against Inter Milan, a matchup that feels almost preordained in its blend of attacking flair and steely resilience.  

For Arsenal, the sting will be particularly sharp. This was a campaign that felt different. Their journey through the Champions League, culminating in a statement victory over Real Madrid in the quarter-finals, wasn’t just about results; it was about a tangible shift in mentality, a growing belief that they belonged at Europe’s top table. This wasn’t the Arsenal of a decade ago, clinging on for dear life against continental giants. This was a team that could dictate tempo, create chances, and, yes, even grind out victories against the established elite.

Consider the context. Mikel Arteta, a manager who has meticulously rebuilt this club brick by painstaking brick, was forced to deploy a makeshift striker in Mikel Merino. Not a natural No. 9, Merino nonetheless offered tactical flexibility and a tireless work rate in the absence of the injured Gabriel Jesus and the repurposed Kai Havertz. This adaptability speaks volumes about the depth and tactical understanding Arteta has instilled.  

And yet, the familiar pang of falling short lingers. The Premier League title race, which held so much promise for so long, ultimately slipped through their fingers as a relentless Liverpool side surged to victory in the final weeks. Now, this Champions League exit, while against a formidable PSG outfit, adds another layer of disappointment. Last season’s unexpected second-place finish in the league had ignited a fervent hope, a feeling that this Arsenal team was on the cusp of something truly special. This season, while showcasing significant progress, hasn’t quite delivered on that heightened expectation.

The second leg in Paris encapsulated Arsenal’s current reality: knocking on the door of the elite, but still finding it stubbornly locked. They started with the urgency of a team chasing a deficit, creating a flurry of early chances that Gianluigi Donnarumma, PSG’s imposing last line of defense, expertly thwarted. Declan Rice’s towering header went wide, Gabriel Martinelli’s close-range effort was palmed away, and Martin Odegaard’s low drive was brilliantly tipped around the post. These weren’t half-chances; these were opportunities that, taken, could have fundamentally altered the complexion of the tie.

But against a team with the individual brilliance of PSG, profligacy is punished. Fabian Ruiz’s well-struck opener from the edge of the box sucked the air out of Arsenal’s early momentum. While David Raya’s penalty save from Vitinha offered a glimmer of hope in the second half, Achraf Hakimi’s subsequent goal, arriving shortly after another stunning Donnarumma save from Bukayo Saka, felt like the decisive blow.  

Saka’s late goal, a testament to Arsenal’s fighting spirit, provided a flicker of belief, and he even had a chance to further reduce the deficit soon after. But ultimately, it wasn’t enough. The narrative of Arsenal’s Champions League journey ends here, in a familiar blend of encouraging signs and ultimate heartbreak.

The absence of Ousmane Dembele for PSG, while perhaps altering their attacking dynamism, didn’t seem to derail their progress. Instead, it highlighted their tactical flexibility and the quality they possess throughout the squad. They were pragmatic, efficient, and ultimately, clinical enough to see off Arsenal’s challenge.

Now, the stage is set for a fascinating Champions League final. Inter Milan, masters of defensive organization and counter-attacking prowess, will face a PSG side brimming with attacking talent, even without Dembele’s unpredictable brilliance. It’s a clash of styles, a tactical chess match that promises intrigue.

For Arsenal, the focus will inevitably shift to the summer. How do they bridge the gap? How do they turn these near misses into tangible silverware? The progress is undeniable, the potential is immense, but the final step, the one that truly elevates a team from contender to champion, remains elusive. This Champions League campaign has offered further evidence that Arsenal are on the right track, but as the familiar sting of defeat settles in, they will know that the journey to the very top is a relentless one, filled with both exhilarating highs and frustrating lows. This season, for Arsenal, will ultimately be remembered as one that promised much but ultimately fell short of the ultimate prizes.