That was a disappointing (if unsurprising) end to a wonderful season.
You can't lose sight of just how good Arsenal was this year. Various models will produce slightly different overall estimates, but XG models concur that by XG differential Arsenal just had the second best non-Pep season in the PL since 2014-15 when the data is first available. Only Liverpool 21-22 was better, although Liverpool 18-19 is very close. Arsenal are also the first side since Pep entered the PL to actually finish with a better XG differential than Manchester City, which is an astounding testament to Pep's dominance.
Beating City next year may require finding some small margins and ways to go up a level, as well as hoping for luck to smile on us a bit more. But if we can maintain these kinds of performance levels over the next 3-4 years and Pep fucks off after next season, as seems fairly likely, then we will be a very hard side for the rest of the league to catch up to.
Early thoughts on likely transfer business:
All the noises coming out of the club are that we will be aggressive in the market again.
We're going to sign a forward, just not sure of the profile. The more I see him the more I really really like Benjamin Šeško, but its not clear that an out-and-out striker is what we're looking for.
If Partey leaves, as seems likely, we will replace him and this could be our biggest transfer of the summer. Zubimendi seems dead, Bruno Guimarães and, to a lesser extent, João Neves appear to be on the list.
I think we will still look to find a LB/LCB and wouldn't be surprised if we go back for Jorrel Hato, despite him signing a new deal with Ajax. There is also some buzz about Willian Pacho from Eintracht Frankfurt.
We will surely make the Raya deal permanent and then sign a backup GK, assuming Ramsdale goes. One rumor that makes sense to me for the backup GK spot is Las Palmas' Álvaro Vallés - advanced metrics love him, good with his feet, and a Spanish GK probably on the radar of Arteta and GK coach Iñaki Caña.