That's true, they will now concentrate on premier league since there is no any other title they're competing apart from premier league. So I think liverpool will be very consistent this time, since psg have relieved them from going through the champions league stress. Though is so funny to say this, but that's the fact. However, I think there is nothing for them to worry about because the point distance is very huge of which you and I know that the possibility for any team to come from behind and win the title is 0% because I can't even imagine this happening.
Liverpool's failure to progress to the next round of the Champions League will see them focus more on the Premier League and Liverpool also have one of their best chances in the EFL Cup if they can beat Newcastle in the final.
This is the best chance Liverpool have and for the Premier League itself, it will only take a few games before Liverpool confirm that they have secured the Premier League title.
The challengers in second place are unlikely to catch up with Liverpool as they have a slightly bigger gap, so Liverpool's chances are much greater.
I haven't checked any bookmakers for odds regarding any challengers in the Premier League catching up with Liverpool in the last 8-9 games to be played. I would be surprised if any bookmakers offer odds for that outcome, which I think definitely is not the case as this Premier League season is over when it comes to the EPL title winner.
The EFL Cup is a bad consolation prize should they win it. I think this failure against PSG will be in their heads for quite some time because this season was looking so perfect. It couldn't have gone any better for them after Klopp left the club and while they dominated the Premier League, it remained to be seen how they would do in the Champions League and they dominated there as well during the league phase.
Maybe there is perhaps (you see I repeat maybe and perhaps) a small risk that due to this failure in the Champions League, Liverpool loses track and gives away a couple of points in the new few PL games. But then Arsenal would still have to win every game, which is possible, but still it is not realistic that they will be able to put Liverpool under serious pressure again.