Let's use a sports analogy here:
Imagine a team that has won the league championship two years in a row. Now in the third year, they are playing terribly, making stupid decisions and generally playing well below the expectations of their fans, not to mention themselves. The team that finished second the last two years is now playing very well and has a substantial (if not insurmountable) lead in the standings. Meanwhile, the perennial loser is still in last place.
Who is having the more disappointing season? The team in last place? Or the former champion that is faltering?
The last place team sucks. You know it, I know it and they know it. But that's what they expected. The former champion had higher expectations and therefore has greater disappointment.
