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.
For the last match some time ago it was actually quite reasonable when Slot did that because regardless of the results, their position was comfortable enough so they preferred to rest their players so that apart from their performance being maintained, this was also good for making some players who still haven't gotten the time they deserve, especially young players, get something different.
But in the end for now things like this seem to be reduced a little because after all for the last 16 they won't play around with rotation considering their opponents are also not a club that can be underestimated because after all for now PSG is still one of the big clubs even though they are currently in a transitional state for their young players so Liverpool clearly won't play around to perform in the last 16 this time.