Image source, Getty Images

Mikel Arteta led Arsenal to FA Cup glory at the end of his first season in charge in 2020.

Wednesday's defeat means the Gunners have now failed to win a major trophy in five straight seasons though.

Here's how they fared in all four competitions this season:

• Premier League - second place with three games left, Liverpool have already secured title
• FA Cup - lost to Manchester United in third round (5-3 on pens, 1-1 AET)
• League Cup - lost to Newcastle in semi-finals (4-0 on agg)
• Champions League - lost to Paris St-Germain in semi-finals (3-1 on agg)

Image source, Getty Images

When Mikel Arteta accepted the job as Arsenal manager in December 2019, the Gunners were languishing in midtable of the Premier League.

They sat 10th on 22 points and were seven points adrift of fourth-placed Chelsea.

They hadn't qualified for the Champions League since the 2016-17 season and were struggling to adapt to life post-Arsene Wenger.

Since Arteta's arrival, the club have won the FA Cup, the FA Community Shield twice and qualified for the Champions League in the last two seasons after finishing runners-up to Manchester City in both of the previous two Premier League campaigns.

Ben Ramsdale
BBC Sport journalist

Rindl x Ramsdale

We've not seen a lethal combination like this since Gerrard and Torres.

Or more fitting today, Henry and Bergkamp?

How Arsenal could have done with one of those two last night, eh?

Go and enjoy ya bacon, Joe.

Joe Rindl
BBC Sport

Wait, you really think so?

You know what, I'll take it. Ben Ramsdale, you OK to take over?

Feels like we've got a great debate over Arsenal's season ongoing.

BBC Radio 5 Live

Mikel Arteta's former assistant Steve Round on if fans will be happy with progress under Arteta: "I think the fans will be really pleased with the progress. There's 18 other teams in the league that I think would swap with Arsenal right now.

"They're still second in the league, pushing all season but came up against an exceptional Liverpool. Three seasons at second, Champions League semi-finals. I think the team is growing and the silverware will come.

"I think the whole club is doing an amazing job at the moment."

BBC Radio 5 Live

Mikel Arteta's former assistant coach at Arsenal Steve Round speaking on BBC Radio 5 Live: "Probably over the two legs you have to say, although Arsenal played very very well, they didn’t quite do enough to win the game. I think PSG are a wonderful team, probably the best team I’ve seen all season in football.

"I thought they (Arsenal) were absolutely brilliant in the first 15 minutes, the only thing they didn’t do was convert their chances. That was largely down to the goalkeeper – Donnarumma was absolutely exceptional. He made three world class saves – on any other day he may miss one or two. The difference between the two teams was the goalkeeper."

Image source, Getty Images

Joe Rindl
BBC Sport

RE 09:29 BST

• ....
• Confused
• The victim of an "ACL knock" to his confidence
• Sacked in the morning
• Absolutely right

Ant: Joe Rindl at 8:58 is absolutely right. This year Arsenal will have only 'won' Champions League football for next season (if Arsenal still make top five). Man Utd / Spurs (if either win the Europa League) will have won Champions League football and a European trophy so a better season than Arsenal.

If Man City win the FA Cup and get top 5 they would have had a better season than Arsenal as well.

Want more from Phil McNulty?

Here's what he wrote at full-time in Paris.

Phil McNulty
BBC Sport chief football writer in Paris

Mikel Arteta raised eyebrows here in Paris in the build up to, and after, the Champions League semi-final loss to Paris St-Germain.

Arsenal were not, as he suggested, the best team in the tournament, while comments about Liverpool's title win being the result of them being in "the right place" ignored the fact The Gunners were in exactly the same place but failed to deliver.

Plenty of Arsenal fans still around on this sunny Paris morning and the general feeling seems to be that while they were happy with the display, even in defeat, this was another missed opportunity to end a trophy drought that now extends to five years.

Big disappointment.

Image source, Getty Images

Wednesday's defeat brought an end to a Champions League campaign involving 14 matches for Arsenal. They won six of their eight games in the league phase, including their opening home game against Paris St-Germain.

They then enjoyed some big victories in the knockout phase too, scoring seven away to PSV Eindhoven and beating holders Real Madrid home and away.

Here's are the Gunners' most memorable wins from this season's Champions League:

• PSG (H) - Won 2-0
• Sporting (A) - Won 5-1
• Monaco (H) - Won 3-0
• PSV (A) - Won 7-1
• Real Madrid (H) - Won 3-0
• Real Madrid (A) - Won 2-1

Joe Rindl
BBC Sport

You make a good argument Andy, but I'm still not convinced. As for "absolute nonsense" I'll add it to the list of things I've been called.

Doing this job I've been dubbed:

• An Arsenal fan
• A Tottenham fan
• The Bebe of BBC live-texters
• Confused
• The victim of an "ACL knock" to my confidence
• Sacked in the morning

John Murray
BBC Radio 5 Live chief football correspondent

PSG were under pressure, they were worried in the first 20 minutes. That was constant Arsenal pressure, and if they had been able to step it up you're looking at a potentially great night for Arsenal.

The latter part of the match was more chaos.

Image source, Getty Images

Guillem Balague
Spanish football journalist

If we take 'failure' and 'no-trophy season' out of the conversation, you see progression, you have to say that.

Arsenal have now been twice in the Champions League (under Mikel Arteta) and in the second season they've managed to get to the semi-finals, and make life difficult for PSG.