Bayern repeated their 5-1 first-leg win in Tuesday's second leg to condemn Arsene Wenger's side to their heaviest defeat at the Emirates Stadium since they moved from Highbury in 2006.
It is the seventh year in succession that Arsenal have gone out of the Champions League in the last 16.
"It's a sad day because we've gone out again at this stage. We're going through a period in our history that's the worst," Wright, who played under Wenger, said on BT Sport.
Wenger, who has been Arsenal manager since 1996, is out of contract at the end of the season and was the target of a protest from around 200 disgruntled fans prior to Tuesday's game. At the final whistle, some fans held up banners calling for him to leave.
Wenger has said he will make an announcement about his future either this month or next.
Wednesday's British newspaper sports pages put the boot in, with several screaming "WENGER OUT" in a nod both to Arsenal's elimination and the calls from supporters for him to step down.
The Daily Express headlined its match report "SHAME AGAIN" and The Times said Wenger had hit an "all-time low".
The Daily Telegraph said Arsenal had been "humiliated", with Wenger "urged to quit by fans", while The Guardian said he had been left "staring into the abyss".
Wenger, 67, revolutionised Arsenal after arriving in England as a virtual unknown from Japanese club Nagoya Grampus Eight in September 1996.
He led the club to three Premier League titles and four FA Cups in his first nine seasons, including the famous 'Invincibles' league campaign of 2003-04 when Arsenal went 38 games without defeat.
But the years since have yielded only two FA Cup successes, in 2014 and 2015, and while Arsenal have continually qualified for the Champions League, they last reached the semi-finals in 2009.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
