hmmm...interesting the slant you took to express yourself. Valencia is not the only hope yet for Champions league glory, given that both Madrid and Barcelona still have a chance with Madrid actually leading and Barcelona only down by 2 goals depending on how you look at it.
Let's not forget Sevilla is expected to repeat as Uefa Cup winners, although Espanyol, Celta Vigo and Osasuna have been effective in Europe.
As a Barcelona fan, I have to say I am disappointed with the way our campaign has been going, but to say it is a big let-down is a bit of a sensationalist and exaggerating. Contributing factors include the just concluded World Cup with a few players not in the usual good form all season and the injury of 2 key players Lionel Messi & Samuel Eto'o. But, they've still shown the ability to score goals
The so-called "situation" is merely circumstantial. Football in Spain seems to be speeding up pace-wise and tactical diversification, the league is becoming deeper in terms of the number of good teams extending past 3 or 4, to now 7 or 8 reflected in teams down to position 10 in the table able to compete for Europe. Unlike in Italy or in England where Inter Milan and Manchester United beat the great majority of teams below Arsenal whether they play well or not, teams like Barcelona, Valencia and Sevilla cannot get those points every week because teams like Getafe & Zaragoza can and will beat you if you're not on top form, but they still are performing well in Europe.
While, the dominance of Spain has been highlighted by the success of Real Madrid and Barcelona, you will do well to note that those clubs display a great display in Europe as well, but perhaps similar to Scotland, Italy, England, Holland, France, Germany, Portugal and any other big leagues: Spain suffer from the fact that mainly 4 or 5 teams offer real World Class competition although it is changing more in Spain now, therefore you can get complacent and overconfident without improving as a unit, team or club.
JOGO BONITA!