Les,
Here is why I compared it to conference titles, not in terms of importance (though I think there might be some comparison in terms of SEC football conference titles), is that winning the Champions League is the ultimate prize for the top teams in Europe. Yes Barca and Real want to win La Liga very badly, but the Champions League is the ultimate achievement.
Secondly, you have a much smaller pool of teams that are realistically competing for your domestic league just like you do in conference play. There are about 5-6 teams that can realistically win the EPL (Leicester City aside), but when you start talking winning the CL it is maybe 15-20 with that group going through cycles of success. Similar to how there are effectively 20-25 programs that can actually compete for a national title though not in a given year.
The reason I say Wenger is like 11 is that they both have a giant hole in it. Wenger is not Bobby. When you list Bobby's achievements there are is no "but". Even the most glorious tribute to Wegner will have to admit that he won with style and had unmatched success (Invincibles) BUT never won the CL.