That magical May where the Foxes pulled off one of the biggest upsets in sports history by capturing the Premier League title appears to be back to square one: a far-fetched dream. No one saw it coming before they did it, and with this decline, it may be impossible next season.
Not because they will be even more outclassed by the increasingly talented sides, not because they will lose their best players, but because they may not even be in the Premier League. That's right, the reigning champions are in a relegation battle.
That was in spite of there being no post season exodus, barring N'Golo Kanté who has shown his worth and then some for league leaders Chelsea. Riyad Mahrez and Jamie Vardy were the ones to keep and were kept, but are shadows of their former selves.
Manager Claudio Ranieri, meanwhile, has the pressure on him once again. What was first predicted when he was appointed is panning out a year later. He did the unthinkable, and now its back to realism: and what a tough descent it is.
Their Champions League success is a beacon of hope, though. If they actually go on and continue to progress jaws will be dropped, but what they have managed to do in the group stages shows that the surprise element flourishes - just no longer in England, as the clubs have figured out a way to stop the bleeding and halt that searing counter-attacking football.
Ranieri's future is a tough thing to ponder for those at power in the club. Not even one year after he did what no one else has or probably ever will do, he faces a potential exit. We saw Chelsea cut ties with Mourinho after giving him some leeway, but clubs like them expect to win titles. Leicester, for now, are made to fight, to scratch, to claw and squeeze out anything they can.
To survive, they must embrace the underdog. Six, or maybe seven teams can still sink and that provides Leicester with hope, they are readied even without Kanté. They will have to get used to a few more thrashings like the one handed out by Manchester United - but as time runs on they should have the tools to pull off the survival.
The likes of Vardy and Mahrez have certainly seen their stock take a big hit - they won't be getting near to the figures that clubs were willing to pay last season, and whether its about regret or pride could still be determined before the curtain is called on the campaign.
It would be a true disaster if Leicester did go down. They must prepare to fight against it and if not, be ready for a vicious backlash. This is not a dreamland anymore - aforementioned, we're back to reality. This decline does show the extent to the miracle of Leicester City though, furthering the legend. Not every story has a happy ending.