Is This The End Of And Era?

Yesterday, we saw a young Arsenal side knock out AC Milan, and today Real Madrid got eliminated from the champions league by AS Roma. One thing was glaring from both matches, both teams were beaten and eliminated on their home turf. Milan lost at the San Siro to an English side for the first time. Is this the demise of Europe's mega clubs?
Between AC Milan and Real Madrid, more than 10 European cups with Madrid winning the most. But unlike Madrid that has not won any champions league title for the past few seasons, Milan were the defending champions before they were shown the way out by Arsenal. To make matters worse, both teams are somewhat struggling in their respective leagues with Milan way off in their pursuit of leaders Inter. The pointer here is that we may not even see both teams in next season's champions league.
Oh! where at thou El Galacticos