This isn't necessarily so bad for Spurs - it depends on how good Levy et al are at spinning thing. If I were them I'd point out how we played for half the season and came close to challenging for the title. Stress that external factors hampered our season and that those won't be there next year. Encourage our top players to believe that if they stay and the squad is strengthened we really could challenge for the title, especially without CL distractions.
But mostly what I wanted to point out was the somewhat oddness of players like Bale, Modric etc saying "The club didn't get CL football so I want to go somewhere else". Did these players themselves have nothing to do with the club's failure to get 3rd and a definite CL spot? Don't they bear any responsibility for that? Its somewhat bizarre that players might now demand the right to leave the club because it's not good enough for them without acknowledging at all that if the club isn't good enough for the CL then maybe they aren't either?
Just a thought...