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The four matches they lost and the numerous draws caused them to miss wining the Premier League trophy, when Manchester City's performance began to decline at some point, I was like this is Arsenal's season, I never knew that Arne Slot took his job very seriously, Liverpool's League performance shows that he was really ready to replace Klopp, it didn't even feel like Kloop left the team.
Arsenal have tried over and over when Manchester City was dominating the league about 3 years ago, if they couldn't win it nor any other trophies this season how are we sure that they'll do well in the next one, I would be tough now Liverpool is in the picture and if Manchester City regain their form the Arsenal should forget about winning it.
This wasn't the biggest challenge that Liverpool ever had. Actually I think this was a title that they could win without any serious competitors. Arsenal has 68 points and they are second in the PL and there are two more games to go. I think that says it all. 68 points at this point in time is not a great performance and not worthy of the PL title.
As you said when Manchester City couldn't get things corrected quickly, Arsenal was about to have a great chance to compete with Liverpool. Maybe Liverpool didn't play the whole season at 100% because in the past Liverpool and Manchester City in particular pushed each other to unbelievable performances and winning streaks. This season it was over quite early. Yes mathematics still said there was a chance for some time, but in reality this season was over like, I don't know, I think after 27 games when Liverpool was 12 points ahead for the first time.
Arsenal still lacks something and it is not easy to come up with the right conclusions. I think they need an amazing center forward because they can't rely on Rice scoring those free kick goals. Without those goals maybe they wouldn't have beaten Real Madrid. In that game there was a special dynamic that put Arsenal into the driving seat, but they usually need a reliable center forward.