On the Premiership: There can only be one Premiership champion, but for a clutch of clubs bobbing beneath the league's high-water mark, fourth has become the new first.

Big deal, perhaps. Few outside north London and Blackburn give two hoots about the race to qualify for the Champions League, a tournament which, though great fun for those involved, seems rather tasteless to those viewing from afar. It is football's equivalent of bling jewellery: an ostentatious, gaudy status symbol which clubs use to dazzle and demean their peers.

It has also become something of a misnomer. The era when only the cream of a domestic league were granted the glittering reward of European football has long gone. Now, the Champions League is semi-skimmed: Liverpool, the holders, qualified despite finishing 30 points behind the 2004 Premiership winners Arsenal, while only one of this season's semi-finalists - Barcelona - is a true "champion". Milan and Arsenal were runners-up in Serie A and the Premiership last season, while Villarreal stumbled home fourth in La Liga.

Nevertheless, the Champions League is still the VIP club where everyone wants a place on the guest list. The financial rewards are well known. Clubs who enjoy a run towards the latter stages can expect to see their coffers swelled by around €40 million; but, tempting as that sounds, the cost of missing out can be just as great.

Just ask Everton. At the start of the season, Goodison Park was giddy at the prospect of Europe's greatest names swaggering into town, their place at the top table booked by a richly deserved fourth-placed finish last May. Not even the other lot's triumph in Istanbul and a tricky-sounding qualifying round draw against Villarreal could poop the party.

Then it all went horribly wrong. Before their Premiership campaign had even begun, Manuel Pelligrini's team had shoved Everton to the brink of elimination with a 2-1 first-leg win; two weeks later, Diego Forlan and referee Pierluigi Collina combined to send them toppling into despair.

For David Moyes, the Champions League turned into the cruellest hoax imaginable. Everton had neither enjoyed the glory of hosting illustrious visitors, nor the much-vaunted financial rewards. Bill Kenwright, the chairman, claimed to have made a loss on his Champions League adventure.

But the financial cost was nothing compared to the psychological damage inflicted on Moyes' players. Everton, their minds befuddled and morale bruised, lost seven of their first eight Premiership matches, sank without trace in their Uefa Cup meeting with Dinamo Bucharest, and are only now beginning to piece their season back together.

Their travails should serve as a warning. As Everton discovered, the feat of finishing fourth can only be truly celebrated three months later when an irksome qualifier has been negotiated, and when sides as accomplished as Villarreal block the path, that can hardly be taken for granted. Everton were especially unlucky. The Spaniards will joust with Arsenal for a place in the Stade de France final later this month, their polished performances belying their status as back-door qualifiers.

Negotiating the preliminary stages promises to be no easier next season. High-calibre teams such as Fiorentina, SV Hamburg, Valencia and Marseille could all be lying in wait, although that is unlikely to dampen the joy of whoever emulates Everton and snatches fourth place.

Blackburn would dearly love the opportunity to exorcise the memories of their last Champions League excursion, which ended in embarrassing failure, but it is in London that the need is most pressing.

Arsenal's membership of the G14 group of elite clubs is based more on reputation than performance, but making this season's run to the semi-finals a regular occurrence would presumably help their vice-chairman, David Dein, look his fellow bigwigs in the eye at meetings.

There is also the small matter of the club's new €500 million stadium, which was not built to host the likes of Apoel Nicosia or PAOK Salonika.

No wonder Arsene Wenger has admitted that his priority is West Bromwich Albion on Saturday rather than Villarreal, especially in the wake of their defeat at Manchester United yesterday.

Tottenham currently have the reputation as the smallest big club in the land, but that could change if they hold their nerve over the coming weeks. Martin Jol has been downplaying his side's chances all season but, with games running out, it is they who hold the killer hand.

The north London derby a week on Saturday promises to make or break the hopes of both. But even for the winner, elation should be tempered by caution. As Everton know only too well, it takes just one twist of fate to reduce dreams to rubble.