The Gunners ended the season with a 5-0 win, though Odegaard admits the manner of their title collapse is still "painful".
He said, "We are not at all satisfied with the end of the season.
"As the disappointment settles, in time, I guess we'll look back on this season and feel proud. But right now it's pain and frustration.
"Considering the position we had during the season, we are not satisfied with a second place. Although it's a good position and although everyone probably would have taken it before the season started, we wanted to win the league when we got to that position.
"It's a good sign that we're disappointed, and I think we should be."