Inter signed Ronaldo and Vieri for world-record fees in the late 1990s, when Serie A was the envy of world football, blessed with the game’s most talented stars.
AC Milan then beat Juventus to win the Champions League in 2003, losing to Liverpool on penalties in the final two years later, before defeating the Reds to become European champions again in 2007.
While there have been more recent successes in Europe’s other competitions – Atalanta won the Europa League in 2024, Roma won the Conference League in 2021 – Jose Mourinho’s Inter were the last Italian side to win the Champions League in 2010.
Inter’s European exit comes despite being 10 points clear of rivals AC Milan in Serie A and a further four ahead of defending champions Napoli, who failed to make it out of the Champions League’s league phase.
“It is a piece of history,” said journalist Vincenzo Credendino. “Speaking about Italy and Inter, this is one of the worst pieces.
“Inter are the best in Italy, but maybe it is time to think not about what can happen in one or two years, but about 10 or 15 years – and on that side we can see generally Italian football is not on the same level of top European leagues.”
The national team must also win through a play-off in March to avoid missing out on a third successive World Cup this summer, having last lifted the trophy in 2006.
“It is a difficult time for Italian football and this shows it,” added European football expert Julien Laurens on BBC Radio 5 Live.
“Today, Inter Milan put pressure on but it was not enough from them. They have been the best team in Italy for the last few years. And Napoli as well, they haven’t even come close.
“It’s terrible for Italian football at the moment.”
Inter won five of their opening eight league phase games in Europe to finish 10th, with Juventus 13th and Atalanta 15th.
Yet in the play-offs, all have come unstuck against sides who finished lower in the table but play a more intense brand of football.
“What does it say about Italian football? That something needs to be changed,” added Verri.
“The level of Italian football is poor. It is a structural issue. We play very slow football. You can ask any manager in Italy and they will all say the same.
“I was talking to Claudio Ranieri the other day and he said: ‘Look, when I was in England at Leicester… people don’t train more than in Italy. They just do it with another intensity, and then they keep up that intensity during the games.’
“We play slow, and in Europe you suffer.”