I don't think there's a nightmare scenario really.
Conference league is an awful result for them after spending the guts of a billion quid. They have a complete rebuild ahead of them, and no UCL football to offer their few good players. Finishing above us means nothing really after the two derby losses. This season has been an absolute disaster for them, and it's likely to get worse as the agents start sticking the knife in.
Meanwhile, every one of us would have taken 12th place and back-to-back derby wins at the start of the season. At worst, we'll finish 11 points head of our ambitious target.
Ending this season any higher than 12th would be the cherry on top of the cherry on top of the cake for us, but we should all reflect on a great season no matter what happens in the remaining games.