I think 4th is achievable. We don't play against one of the best footballers in history every week.I think 4th is a long shot now, Europa league qualification will be okay this season imo.
However, I don't think EL would be a catastrophe.
Going against my usual feelings about taking every competition seriously I think we could use EL like Redknapp did to blood a few of our exciting youth prospects and keep our reserves happier.