The correct answer is: I'm upset that I didn't make the basketball team, but c'est la vie!
The phrase "c'est la vie" is a French phrase that means "that's life," but it's become an English cliche that people use (rather than saying "that's life," in English). In writing, this phrase should be italicized in order to emphasize that 1) it is a common phrase not invented by the speaker, and 2) it's in a different language.
