Erik ten Hag's squad has been on a winless streak and is in danger of missing out on a top-four finish and a return to Europe's premier table.

United surely wouldn't let this happen again in the Champions League, would they? In a word, yes! Since winning 1-0 against Wolves on December 31, Erik ten Hag's team has been in the Premier League's top four. However, as they prepare to meet Julen Lopetegui's team again on Saturday, they are in grave risk of losing that fourth spot to Liverpool.
A win against Aston Villa less than two weeks ago gave United a seven-point lead over Liverpool; that gap is now down to a single point. If Jurgen Klopp's Liverpool team wins Monday night against Leicester City, they will move ahead of the Wolves.

Despite Liverpool's lead, United still has a game in hand. However, United are plummeting while the Merseysiders are riding a wave of momentum. Their terrible away form has been a major contributor to them falling out of the top four. Having lost to both Brighton and West Ham.

They have scored fewer goals (8 in 10 games) than any other side in the league. After playing more games than any other side in Europe's top five leagues, Manchester United look worn out and lack confidence, as evidenced by David de Gea's embarrassing gaffe against West Ham and the misses from Rashford and Antony.

For a club like United, who have never gone more than two seasons without making the Champions League, finishing in the top four is the bare minimum. However, GOAL investigates what can happen if they once again fail to qualify for Europe's elite league.

Financial losses

Whether or not United make it to the Champions League, they can rest assured that their earnings will be substantial. The Independent reports that had they qualified for Europe's top competition, they would have earned record revenues of between £590 and £610 million this season.

The club will still feel the effects of the financial blow because they have £206 million in transfer spending credit. The Europa League doesn't pay nearly as much as the Champions League.

Teams receive £13 million just for making it to the group stage of the Champions League. Gain an additional £2.4 million for each victory in the Champions League group stage, or about £800,000 for a tie. United had a 3–2 record in the Champions League last season, earning them £8.28m. Earning a spot in the round of 16 brought in an additional £8.3m, bringing their total earnings from matches to nearly £30m. They could have earned an extra £9.2m if they had advanced to the quarterfinals.

Winning the Champions League would guarantee them a minimum of £73m in compensation. If your team wins the Europa League, they'll get at least £13 million. United would have to win the Europa League to make as much money as they would by simply qualifying for the Champions League.

United's progress this season in the Europa League netted them roughly £10 million. Earnings would have been closer to £35m if they had progressed as far in the Champions League.

They would be giving up the possibility to earn an additional £60 million, and based on current performance levels, missing out on the top four would cost at least £25 million. That's enough to get a promising young central midfielder or a backup goalkeeper to David de Gea.

Pay cuts prestige loss

United players' contracts include a condition connected to finishing in the top four to safeguard the club from the loss of money in the case of not reaching the Champions League. If you don't, you'll take a 25 percent wage cut.

United's failure to qualify for the Champions League resulted in a weekly salary decrease of about £120,000 for Cristiano Ronaldo. There will be a similar drop in pay for the club's highest-paid players including Bruno Fernandes, De Gea, and Casemiro.

It will be the second consecutive pay drop for people like Fernandes, Rashford, and many more. Some players may find a second consecutive pay decrease difficult to accept, despite United having the second-highest wage expenditure in the Premier League (behind only Chelsea). It's not out of the question that they'd look to make up for their lower salaries by signing with a Champions League contender.

Furthermore, gamers would suffer from more than just a decrease in salary. Both Casemiro and Raphael Varane had previously played for Real Madrid, where they had won the Champions League five times. It would be devastating to their morale if they weren't even allowed to participate.

A more difficult transfer market

Finding a high-quality forward is United's primary objective for the upcoming transfer window. Erik ten Hag has stated openly that his team's major weakness is a 20-goal scorer, and it will be far more difficult to acquire such a player without a spot in Europe's top league.

After leading Napoli to the Serie A championship, striker Victor Osimhen will be in high demand this summer, but would he leave the Italian champions for a team about to begin its second consecutive campaign in the Europa League? It's a tough sell.

Harry Kane, who will soon turn 30, has less time to win a trophy than anyone else in the world. Would he really want to ruin his reputation as a Tottenham loyalist by leaving for a Europa League team?

United would have a much harder time attracting quality players if they weren't in the Champions League and would have to settle with players from lower tiers. They may have to consider signing Jonathan David, Niclas Fullkrug, or Ivan Toney instead of Kane, Osimhen, Randal Kolo Muani, or Goncalo Ramos.

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Renewing Rashford becomes tougher

One issue is convincing transfer targets to forgo Champions League participation in favor of joining United. They should also consider the current club members who are longing to relive the glory days on the largest stage.

Rashford, who has a little over a year left on his contract, is having the best season of his professional career. Rashford's representatives had previously spoken with PSG, and many other elite clubs are likely aware of his resurgence and contract status.

While Bayern Munich and Real Madrid may have trouble winning the Champions League, Paris Saint-Germain has never had trouble qualifying for the tournament. If United fail to qualify again, clubs that can promise him Champions League action may sway Rashford's decision.

And what about Ten Hag?

While it may seem absurd to suggest it after all United have accomplished this season under Ten Hag, especially when compared to his predecessors, Ten Hag's position as manager begins to look weaker if the team fails to achieve Champions League football.

following it became clear that United would not be finishing in the top four, David Moyes was fired, and Louis van Gaal was let go following his second season as United manager, despite the fact that he won the FA Cup.

United's status in the competition was threatened during Mourinho's third season after he had spent the first two seasons restoring it.

Only Ole Gunnar Solskjaer, who was given a three-year contract and the job permanently in 2019, has failed to get United into the top four and survived another season. However, he was given the benefit of the doubt because he had just been given the job and had inherited a team in dire straits from Mourinho.

Although Ten Hag is certain to keep his managerial position, he will face intense pressure to quickly recover and return to form next season. And if United isn't in the top four by the end of the third month, he may be out of a job.

Status among the elite

United are still considered one of Europe's top clubs, despite going ten years without a league championship. However, their standing becomes more insecure if they do not participate in the Champions League. They run the risk of being reduced to a mere heritage team.

They could also lose young fans who are raised on the Champions League but only infrequently make it to United games. Just look at PSG, Real Madrid, and Barcelona's rising popularity among young supporters, even in England, and Manchester City's meteoric growth in other countries. One of the finest fixtures in contemporary European football is Man City's matchup against Real Madrid. The rivalry between United and Real Betis or Feyenoord isn't as exciting.

The loss of prestige from missing out on the Champions League is huge, and it may be even more detrimental than the financial blow or difficulties in attracting star players. United has considered the Champions League to be their level, their natural home, ever since they first participated in the tournament back in 1993. They have reached the finals four times and won twice. It's quite humiliating that you didn't even make it to the group stage.

This is why the season's last four games matter more than the FA Cup final vs City. A humiliating loss against Guardiola's team at Wembley would bring plenty of ridicule from friends, family, and coworkers, but missing out on Europe's grandest event would be far worse.