Arne Slot fielded a second string squad in the final League Phase match against PSV, which resulted in their defeat. In my opinion, if Arne Slot had not rotated his squad, we might have seen Liverpool leading the standings with 24 points. Meanwhile, PSG had a very hard time reaching the round of 16, so it is natural that they are not the favorites when facing Liverpool. Of course, I don't mean to underestimate PSG, but on paper Liverpool are more worthy of being the favorites.
Currently on paper the only club that stand a chance against Liverpool this season will be Barcelona because they have great in both domestic league and European competitions. But even Barcelona haven’t been consistent as Liverpool at the moment. For me they can at this moment be regarded as the favorites. But this is the champions league knockout stage and it is definitely a different level of football than the group stage. PSG started the competition badly but we all can simply see how they have improved and qualified for the round of 16. For me it will be a difficult game for both clubs. Should Liverpool underestimate any team at this stage of the competition they will simply find themselves out. Even the odd isn’t that much of a difference
I'm very optimistic that Liverpool can bring both trophies (champions and premier league). I even more expected they could bring also a treble-winner as they compete in the finals Carabao Cup versus Newcastle in March. but it's worth watching out for players. Arni Slot should be aware of their fitness. there are not many substitution players which can be a main player if players like Salah and Szoboszlai get injured. This is going to be a big problem like Manchester City happen. Rotate player is needed in a match that is not so important, but of course it is risky, they will be defeated, Arni Slot may need some initial exploration in a non-decisive match.
Liverpool are definitely on the path to actually winning both competitions because the entire season has been filled with so many teams who have been inconsistent too much. But this is the champions league and there is still one team in it that edges everyone when it comes to the competition. Yes this team is the Laliga champions Real Madrid and as long as they are still present in the competition they remain the favourite.