The Liverpool we know today is nothing compared to the glory they use to have. Come to talk of their performance this past season, it was one of worst they've done towards the end of the season, and that fully explains that they might not be in good shape to compete with high probability of winning the Champions league, and it quite unfortunate that the had all their players in good shape but yet their performance wasn't good. However if Manchester City keeps up their good form to next season, they are likely to win the league but it seems their favourite opponents Real Madrid is cooking and ready for next season.
Liverpool have dropped terribly when it comes to stellar performance, they're currently struggling to trigger their peak and this is not happening anytime soon, it can take a couple months or season because they now have new manager which will decides the strategies to implement in EPL and other elite tournaments. Liverpool will definitely rise back to form and winning becomes the usual goals for them.