It is definitely going to be a tough season for everyone and that includes Chelsea and Liverpool, although both teams has actually had a good transfer market and the market hasn't ended yet meaning that they can still get more players into their team.
I am still looking at Manchester city, arsenal and Manchester united this would be the teams to actually drag for the English premier league and I am still going for Manchester city to lift the league but it would be heavily contested.
Both of these teams experienced a not-so-good run in the previous season and failed to close the season in the top 4 which can be said to be a setback in their journey last season. But seeing the changes that have occurred so far, it is certain that these two teams have made improvements in their squad depth by bringing in quality players in this transfer window.
Even for Liverpool they will play in the European league next season which is a setback for them after winning the EPL trophy in the 2019/2020 season. But yes, there are indeed ups and downs that occur in the team, even for Manchester United, they seem to have found the missing strength after several seasons of not playing in the champions league. But since manchester united has been cared for by erik ten hag they have been reborn as a strong team in the epl and will try their best next season in the champions league. For Chelsea they have to reach the top 4 next season otherwise the fans will say that they still haven't managed to get back up after a slump this season.