Liverpool are favourite for all the competition that they're still in as they're not slowing down but playing very well and defeating every club that they come across. I can't remember last time that I saw Liverpool losing and they're also scoring good goals in all their games. The premier league is theirs already as no club can challenge them. Arsenal that was trying, has just lost the race and can now only try to stay in the top 4 as other clubs are also trying their best to stay consistent in the top 4 position. For the champions league, it'll be very hard for Liverpool as some other stronger clubs are still participating in the champions eague with hopes of winning.
That's how they were favourites in the Emirates FA cup until they were kicked out of it by a low division team. The only competitions I see Liverpool is favourite in is the EFL cup, that's because they're already in the finals and will play Newcastle and the English Premier League. Those are the two competitions I know that they are favourites. As for the Champions League, I really don't see them as favourites. They still have lots of hard huddles to jump before getting to the finals.
I think Liverpool had to sacrifice the Emirate FA cup so they can concentrate on the premier league as well as the champions league. Technically and statistically I see no way Plymouth Argyle could win Liverpool in the forth round of the FA cup in which the were only able to score via a penalty, I choose to believe the club had to deliberately sacrifice that game after so many failed attempts to equalise so they can prioritize their ambition for the season.
The champions league trophy might look so unrealistic for anyone looking at Liverpool with respect to other clubs in the competition this season. But this same Liverpool were unbeaten until their eighth game in the 8 games stage where they lost narrowly to PSV. We are forgetting Liverpool won Madrid, AC Milan and even won Leverkusen in the first stage. Liverpool shouldn't be underestimated, tomorrow will be a big day for PSG because those many goals they feel they can score in ligue1 and against Brest we will love to see them make those attempts against Liverpool.