Former Wales international Martyn Williams says the four Welsh regions have underachieved domestically.
The Ospreys, Scarlets, Cardiff Blues and Newport Gwent Dragons all failed to make the Pro12 play-offs.
Williams fears the quartet could struggle to make the top four again next year.
"I'm disappointed... and I think it needs to be looked at because at the moment I can't see how it's going to change next year," said Williams.
"When it comes to Europe in all fairness, I don't think the regions have got much chance.
"You might sneak one into the quarter-finals [of the European Cup] if they are in a weaker group, but at the moment resources are totally against them. They are not going to get anywhere.
"But when it comes to the Pro12, I've got to be honest, I think it's very disappointing."
The Ospreys are the most successful side in the tournament, having being crowned champions in 2005, 2007, 2010 and 2012.
But the Welsh side missed out on a Pro12 play-off spot for the second successive season following their 30-27 defeat away at Zebre.
With one game remaining in the Pro12 Ospreys are in fifth in the table, 10 points above sixth-placed Scarlets, who are 10 points above the Blues.
The Dragons are the lowest placed Welsh region, 10th in the table.
British and Irish Lion Williams, who won 100 caps for Wales between 1996 and 2012, winning two Grand Slams in 2005 and 2008, believes the regions should have done better.
"I think when you look at a side like Glasgow who are second," said Williams, "Yes they've signed well and they've got good players.
"But to me, looking at those players man-for-man, they are not better than what the Ospreys, Scarlets, Blues and Dragons have.
"I think a lot of the regions have had a lot of bad luck with injuries but I'm disappointed not one of them have got into the play-offs."