Is the English Premiership on a decline?

For the first time since 1996, no Premiership club will be competing in the UEFA Champions League quarter final. Three of the four  English teams that entered this competition have been knocked out. Chelsea is the only English team that is left in the competition and the Londoners are walking on a tightrope. The Blues lost 3-1 to Napoli in Naples,Italy in the first leg, but with the presence of Edison Cavani and Ezequiel Lavezzi it's as if all the English teams will crash out as they did some 16 years ago. Manchester United failed to progress beyond the group stage as they were undone by Benfica and FC Basel while Manchester City lost their second spot to Napoli. Arsenal suffered a 4-3 aggregate loss in the hands of seven time Champions, AC Milan. The Gunners were unable to over-turn their 4-0 away loss. Despite the huge amount of money spent by Manchester City and Chelsea it seems they'll have to wait for more time before they can make their mark in the continent's top club competition.