Arsenal signed off their 2020/21 Premier League campaign with a 2-0 home victory against Brighton & Hove Albion.
Despite holding up their end of the deal on winning on the final day, results elsewhere meant three points wasn't enough for a place in Europe, and Arsenal subsequently miss out on European competition for the first time in 25 years.
Nicolas Pepe's brace on the afternoon made it a positive note to end the season on, but Mikel Arteta will overall be disappointed to finish the campaign in eighth place.
So just how much does missing out on Europe cost Arsenal?
Based on last season's figures, each finishing position in the league is worth between £2m to £4m extra in merit payments and a little extra in overseas broadcasting revenue.
In 2019/20 Liverpool earned a merit payment of £35.5m for winning the league, with 20th-placed Norwich City receiving only £1.8m.
The overseas broadcasting income, meanwhile, has been worked out differently since the start of the 2019 contract cycle, varying in value based on position.
That meant Liverpool banked just over £70m, according to estimates from Swiss Ramble, while bottom-placed Norwich ended up with £44.6m.
Chelsea finished fourth and made £67.1m, with fifth-placed Spurs getting £64.3m and Arsenal £61.5m for ending up sixth.
All 20 clubs are awarded an equal payment based on revenues from current TV and radio deals. Last season it was worth £31.8m per club, with additional facility fee payments based on how many times a team is shown live.
Liverpool earned £31m from facility fees last season. Chelsea made £26.8m, Tottenham £27.8m and Arsenal £26.8m. Crystal Palace and West Ham banked only £13.4m and £17.5m respectively.
But with every Premier League game this season being televised due to the pandemic it is unclear how those payments will be broken down.
Last season merit payments saw the top six sides earn the following amounts:
1st £35.5m
2nd £33.8m
3rd £32m
4th £30.2m
5th £26.6m
6th £23.1m
7th £28.4m
8th £24.9m
9th £21.3m
10th £16m
These figures are all subject to change because of the pandemic, though it is estimated that seventh place would earn in the region of £20m.
As clubs continue to battle with the financial fallout of COVID-19, the difference between finishing seventh and ninth could make a big difference.
football.london previously reported that the Gunners will target as many as five players this transfer window as Arteta plans a rebuild at the club.
