I think at this point look forward to a Liverpool style minimum few years of crud, manager turn over and fans turning on the manager over and over again. Liverpool had a bunch of overpaid useless tat that is taking time to get rid of, with several still there, and without the wage budget/transfer money that City/Chelsea have to just get rid of players they don't want, their efforts to rebuild will take years, as it will for Arsenal. Every transfer window, every season is a year Wenger ties down half the useless squad to be dead weight around the neck of the next manager.
Some of these guys can be got rid of, some not, if we sign Walcott, that is 100k a week a new manager can't spend on a proper footballer, Gibbs, Ramsey, Santos, Diaby, Djourou and plenty of others. I do think we have some genuinely brilliant footballers, Wilshire is fantastic, Arteta is very good, Verm is very very good and I think Kos(without Sagna alongside him) will turn out to be very good. 3-4 years ago, we had 4-5 players that needed to go and 3-4 top players would make the team title worthy, today though.... its just an entirely different story. I still think only a few top players would change how good the first team is, but to be pushing for Europe and the title again we need to replace the majority of the backup as well as adding those 3-4 top notch players to the first team.