That's a far cry from the 2006-07 season when Wasps, Leicester and Northampton Saints all reached the Heineken semi-finals with Dallaglio eventually skippering Wasps to Heineken Cup victory over the Tigers at Twickenham.
But the World Cup winner says critics have been too quick to dismiss the Premiership this season and believes English clubs can return to Europe's top table sooner rather than later.
"People have got short memories," said Dallaglio. "The Guinness Premiership has always been really strong and I don't think there is too much wrong with it at the moment.
"A lot of people have been knocking it but I think when English teams where winning Heineken Cups and when England were winning the World Cup in 2003 - people were quick to praise the Premiership.
"I think we mustn't be too hasty in our criticism. It is still a strong competition that has a lot to offer and there was a great showpiece final between two excellent teams in Leicester and Saracens at Twickenham.
"At Wasps we have welcomed back Riki Flutey who by coming back to Wasps has demonstrated to everyone that the grass isn't always that much greener on the other side, even if the bank balance is.
"Every team in the Premiership has had one or two players that have stood out - certainly the teams at the top have had some great stars.
"The likes of (Chris) Ashton and (Ben) Foden for Northampton along with their back row who I think have been outstanding all season.
"Leicester have a number of players - Ben Youngs, Dan Cole and some more - who have impressed this season as well. I don't think the criticism is fair."