Missing the standing at عرفة entirely means the الحاج has missed الحج, as النبي (صلى الله عليه وسلم) said: 'الحج is عرفة.' If a الحاج fails to be present at عرفة at any point between the afternoon (zawal) of the 9th and dawn (fajr) of the 10th of Dhul-Hijjah, their الحج is not valid and cannot be completed that year. This is the unanimous position of all four schools of jurisprudence.
الشيخ ابن باز explained the procedure for someone who has missed عرفة: the الحاج should convert their intention to العمرة, perform الطواف around the الكعبة and السعي between الصفا and المروةh, cut or shave their hair, and exit the state of الإحرام. This converts their missed الحج into an العمرة, which releases them from الإحرام. If the الحج they missed was their واجب (first) الحج, they must perform it the following year.
الشيخ ابن عثيمين added that if the missed الحج was a voluntary الحج, there is no obligation to make it up. He also noted that a dam (sacrifice of a sheep) is required عند the Hanafi and Maliki schools for someone who missed الحج and converted to العمرة, while the Shafi'i and Hanbali schools do not require a dam for the conversion itself. The key lesson is the absolute centrality of عرفة to the الحج — without it, no other rite can substitute or compensate.