We have the opportunity to do both this season, that's why despite not wanting us to be competition, qualifying for the Europa League this year could be a blessing in disguise.
I don't think any of us would turn down both winning a trophy and qualifying for the CL.
I am however unconvinced by 2 theories that seem to permeate this board.
It is possible to regularly win trophies without at least putting a dent in your country's CL places every few years. I don't think this is possible at all now and I don't think it was
as possible as some people believe in days gone by either. The bigger clubs, the ones that finish the highest in the league, tend to win the most trophies. In reality, we're not going to win trophies on a regular basis unless we're hitting the CL at least once every few years, unless we're led by an exceptional manager. In each domestic cup, we have anywhere between 3-5 better teams than us from the beginning and that is without factoring in all kinds of other factors such as squad depth, injuries, time of matches, luck of the draw wrt away/ home draws etc etc.
The second is that if we just tried a bit harder, especially in the EL, we'd pick up more trophies. Despite some of the negative media around us, I think we have taken the EL seriously when we've reached the knockout stages and I don't think it is to be expected that we'll be knocking out the likes of Benefica, Sevilla, PSV or Shaktar Donetsk more often than not.
If we lived in a world where it is possible to win trophies regularly without being in the CL, then I would go for trophies every time. Unfortunately we don't, and teams outside the CL regularly tend to win very little while teams in the CL do tend to eventually pick up something else.