I fail to see 4rsenal and Wenger's logic that 4th place in the league is just like a trophy. I believe that the FA Cup deserves a lot more recognition. The UCL is called the Champions League, but there are not many champions, and perhaps only 1/4 of the teams are really champions. I do advocate the idea that the winner of the FA Cup gets a UCL place instead of some team in the 4th place. However, if the FA Cup already qualifies for UCL, the loser should not be given the UCL place and it should instead go to the team that finished 4th.
In fact, this will not affect UCL's status of being a competition for the elites. In fact, most domestic cups in recent years have been won by teams that already qualified for the UCL. Numbers in parenthesis denote the team's final league position for the season. Numbers in bold indicate that these teams did not qualify for UCL. Let's take a look.
DFB-Pokal: 2010/2011: Schalke (3) 2011/2012: Dortmund (2) 2012/2013: Bayern (1) 2013/2014: Bayern (1) 2014/2015: Wolfsburg (2) 2015/2016: Bayern (1)
Copa del Rey: 2010/2011: Real (1) 2011/2012: Barcelona (1) 2012/2013: Atletico (1) 2013/2014: Real (2) 2014/2015: Barcelona (1) 2015/2016: Barcelona (1)
Italian Cup: 2010/2011: Inter (2) 2011/2012: Napoli (5) 2012/2013: Lazio (6) 2013/2014: Napoli (3) 2014/2015: Juventus (1) 2015/2016: Juventus (1)
FA Cup: 2010/2011: Man City (3) 2011/2012: Chelsea (4) 2012/2013: Wigan (18) 2013/2014: 4rsenal (4) 2014/2015: 4rsenal (3) 2015/2016: Man Utd (5)
PSG has won the French Cup a number of times consecutively.
If the scenario from 2012/2013 season were to repeat when Wigan beat Man City, just like Leicester City, Wigan should be given a place in the UCL.