Arsenal's sixth or seventh best player has now become it's highest paid player. As I've said before, Wenger had put himself in a tough position, having lost so many top players in the transfer market over the past couple of years, he was more or less forced to prove that he could keep a player who isn't nearly as good as any of the players he lost.
Walcott has certainly improved this year as a goal-scorer, but he remains frustratingly inconsistent. I cringe every time I see him standing over a corner or free kick. I understand that Wenger couldn't risk losing Theo go mainly to reduce anxiety that his club was becoming nothing more than a "feeder" team for more well-heeled and competitive clubs. But he is paying above market price for a player who would not start on any team above Arsenal in the league table.