Celtic have now failed to reach the UEFA Champions League for the second consecutive season, and this latest exit was as painful as any in recent memory. Trailing 4-0 on aggregate with less than an hour of football remaining across the two legs, they somehow lost the tie 5-4 to LASK — a collapse that will define the club's summer for years to come.

Who carries the blame?

Martin O'Neill took personal responsibility for the defeat, and that accountability is admirable. But the failure spreads far wider than one manager's decisions on a single night in Linz. The players, the board, and the recruitment team all share a portion of the blame.

Individual errors and what appeared to be complacency allowed LASK back into the tie. O'Neill's substitutions weakened the side at a critical moment, leaving Celtic without attacking options as the pressure intensified. Yet the squad's structural weaknesses — exposed throughout the two legs — point to deeper problems.

Celtic knew Arne Engels was likely to depart, yet no replacement arrived before the LASK tie. They identified Kieran Tierney's need for cover at left-back but still have not addressed it. Alistair Johnston's injury was a late blow, though the club perhaps should have been better prepared given that he had been close to leaving. Around £32m was spent on Kasper Hogh, Camilo Duran, Mika Baur, and Haissem Hassan — signings that strengthened the starting eleven — but gaping holes remained.

That Celtic finished the tie with Dane Murray, Liam Scales, Anthony Ralston, and Luke McCowan on the pitch illustrates how threadbare this squad still is.

The transfer window fallout

Missing out on the UEFA Champions League carries enormous financial consequences. Celtic would have been guaranteed around £40m in group-stage revenue alone, on top of the approximately £75m they generated from the competition two seasons ago. With that income gone, plans for the final week of the transfer window must now be redrawn.

Celtic had expected to spend more than £20m before next Thursday's deadline, with Torino midfielder Gvidas Gineitis and Slovan Liberec's Ermin Mahmic among the targets. Gineitis, who would cost around £10m, now looks unlikely given the altered financial picture. The prospect of UEFA Champions League football was also a powerful lure for players being offered to the club by intermediaries — that leverage has disappeared overnight.

Celtic remain in the market for central midfielders, a goalkeeper, a left-back, a right-back, and potentially a left winger. With a week left and a lean recruitment structure, some of those positions may now be filled through loans rather than permanent transfers. The club's hierarchy, recruitment team, O'Neill, and Shaun Maloney are expected to meet this week to agree on a plan.

Avoiding another season of unrest

Last season brought protests, a merchandise boycott campaign, managerial upheaval, and an ultras ban — a backdrop of discontent that O'Neill eventually navigated to deliver a domestic double. Avoiding a repeat will require the board to invest fully in building a squad capable of making an impact in the UEFA Europa League, even if the financial rewards are smaller than those of the UEFA Champions League.

Supporters are also calling for structural reform. Celtic have not replaced head of football Paul Tisdale, who departed in January, and the club still lacks a head of recruitment and a full complement of first-team analysts compared to the Brendan Rodgers era. Chairman Brian Wilson's gesture of sharing a drink with supporters in Linz on the day of the match was noted — but far more substantive reconciliation is now required.

The path back to the Champions League

Should Celtic win the Scottish Premiership this season, they will enter next season's UEFA Champions League at the second qualifying round — meaning three ties and six matches stand between them and the league phase. This exit extended their run of consecutive qualifying failures to six, and the route back grows harder with each passing year.

Celtic consider themselves a UEFA Champions League club in stature and ambition. But the most direct path back to that stage, in the near term, may run through winning the UEFA Europa League.