Carragher insists Chelsea have not made any progress under the ownership of BlueCo after their Champions League defeat at Bayern Munich.
"There's no right or wrong way going about running a football club and trying to be successful; it doesn't matter about the system," Carragher told CBS Sport.
"The point I'm trying to make is we can't pretend that this has been a success so far after three-and-a-half years.
"They came into a club and the manager was Thomas Tuchel, he'd won the Champions League at that club, at that stage under Thomas Tuchel, Manchester City and Liverpool were possibly the best two teams in world football, alongside Real Madrid, so it was very difficult for anybody to win the Premier League, but Chelsea were the third best team. It wasn't Manchester United, it wasn't Arsenal, it was Chelsea.
"They then change that manager, they then take a team who were very close to competing and winning trophies like they did the Champions League, and they go and spend £2 billion.
"They are no closer, they are further away than what that manager was doing three-and-a-half years ago in terms of competing with the top teams in the Premier League, they are further away having spent two billion pounds."