Liverpool will miss out on Champions League football next year. There were some really rough moments this season, they're losing sporting director Julian Ward (a disciple of Michael Edwards, who built the current squad before leaving a year ago), and there is some uncertainty with the ownership who initially put all or part of the club up for sale, only to later change their minds.
That said, we don't think they're that far away. Top to bottom, this is probably the second-best squad in the Premier League. They've been pretty forward-thinking with their signings and contract extensions (though they've had a couple of misses, too) and are not in a situation where they need major surgery this summer, provided they believe this past season was just a blip and they continue to have faith in Jurgen Klopp.