I think Arsenal doesn't have to make a major overhaul to become champions because they already have a pretty solid squad and a good coach. At most, they only need to sign a few players who are really needed and don't have to make changes on a large scale. Arsenal's real problem is that they still don't have the winning mentality that Man City and Real Madrid currently have, and I think if on several occasions they can reach the final, it will form that necessary mentality on its own.
While I do agree that they do not need a "overhaul" for it, I also think that they should still try to do it the way they can, they should definitely get players that would be better for them in the end and should definitely be considered a good deal. I am not saying that they should change every player, but if that option was available than every team would do it, what I mean is more realistic, like if they can get 2 players, that would improve two positions, then do not step back because you did fine so far, you should try to improve it whenever you can.
This is why I believe that we are going to end up with something much better, it is going to end up with a situation that will profit them all. I know that it will not be simple, and I know that it will take some time, but it can be done and we should be looking for that if we know what we are doing. In the end, what we need to consider right now is just to keep it going as far as we can with players they have, and hire anyone who seems better. Arsenal has some money, I mean being in UCL and being second two times in a row at premier league, makes a team good chunk of money, just because they were decent, should they just not spend that money?