Perhaps the obvious answer is that all competitions this season are over. Chelsea will definitely make a major overhaul, including bringing in a new coach next season and also maybe Todd Boehly certainly wants additional new players in the summer. For now, Chelsea's road to European competition has disappeared and maybe they can do it again from the next season. Against Real Madrid it will only be a game of entertainment and I have no doubts that Real Madrid will win over the two legs of the quarter-finals.
I agree with you, I also think that this season is over for Chelsea, they won't get anything, they won't rise up the Premier League table to get a ticket to Europe and they won't be able to play Real Madrid in the Champions League quarter-finals.
Chelsea have failed miserably this season and they seem to have no direction after changing coaches 2x but their performance is getting worse.
doing a major overhaul next season would of course cost a lot of money but it's what they have to do if they don't want a season like this to happen again.
Arsenal are approaching every game like a final, they look very determined to win the league title this season and are giving everything they have got. Sustaining and staying consistent has not been easy but some how Arteta has managed to keep the spirit lively in the dressing room and training sections and I think that should play a major role in determining the outcome of the season.
and now Arsenal are very shaky, a draw against Liverpool will of course affect their mentality especially in the remaining matches this season Arsenal will be back to playing against Mancehster City, I think that this way Arsenal's chances of winning the Premier League this season are very small.