No.
We were 11 points behind 1st place last season, we will be closer this season - progress.
We have won a trophy which we didn't do last year - progess.
We reached the last 16 of the Champion's League which we've never done before - progress.
If we don't win the Premiership it will be a massive disappointment, but this season won't have been a failure.
This is also Pellegrini's first season in English football. I imagine he will be better next season when he has an even bigger stamp on the squad.