To be fair, the title race is definitely not over, as anything can happen.
Tottenham could win the title technically. Though let's be realistic... Arsenal are now 11 points behind, I can't see it happening.
Chelsea may drop points during the African Nations, as Kris said, and I think they will... but 11? Once they are back to full strength, they'll jump back into a significant lead again, while Arsenal are still dropping.
I think Wenger is the best wheeler & dealer in the Premier League, however there are times when you need to spend... and another season without any silverware isn't really acceptable when Arsenal are more than able to mount a challenge.