Here’s a table of trophy winners since 2005-06.
I’m fairly sure about the wage figures, but if I’ve made an error please point it out – with a link to the correct information. If you add in net transfer spend, Liverpool were also bigger spenders than Arsenal in 2012, but not in 2006 or 2009.
Admittedly this is a fairly small timescale in the grand scheme of things, but it does indicate that for the vast majority of clubs the odd cup success is all they can hope for – and even that is very very rare for nearly all of the also-rans.
So is it possible for Arsenal to win major trophies? Of course. Is it likely? Umm . . . Is this a reason to give up and accept second best? No – it should be the spur (sorry) to maximise efficiency and effort, otherwise we may as well all give up.