With such high expectations from their fans every season, I think Liverpool have to give everything if they don't want to repeat the same bad season next season. Therefore, once they experience a deadlock, everything must be anticipated well and not let it continue.
In the Champions League they will still be a team to be reckoned with and with the depth of their existing squad they can still face other strong teams. It's possible that if they have to meet Real Madrid in the knockout round, it will be a nightmare for them considering that every time they meet against Real Madrid they won't be able to continue to the next round. Arne Slot must really learn how to overcome rivals Liverpool or other strong opponents so that he can achieve maximum results in his debut season.
Expecting a lot from Liverpool made sense until now, but I think it's time to realize that things aren't as good as it used to be. They do not play with some of the great players that they used to have, and that is understandable, plus they lost Klopp, plus Salah is on the edge, maybe he could leave too.
When you think about all those, who are they going to win the league with? Nunez? Of course not, the fact that they finished third with the current squad shows that if this squad is third, next years squad most probably will be much worse and I think it is going to be something that will take a while and I do not think that we are going to see anything change. In the end, they are going to be good one day again, just not seeing that soon.
Adding to what has been responded to you, which day status of Liverpool for the past few seasons, I no longer see them as serious contenders for the Champions League. The lost their ability to contest effectively in the Champions League when they lost Sadio mané. We must come today realization or understanding that there are many other good teams better than Liverpool. For instance, Dortmund and Leverkusen are to me better than the Liverpool of today.
As Doomloop observed, Liverpool just changed their coach, you don't expect them to continue with the momentum of Klopp. It is possible that the momentum could and if care not taken, drop low before they could rise again.