Odds on championship: 15-2. Odds on relegation: 440-1.
Manager: Rafa Benitez (since June 2004). Odds on first out the job: 9-1
Last season: 4th, 76 points; Champions League semi-finals; FA Cup 5th round; Carling Cup 4th round
Ins: Robbie Keane (Tottenham, £20.3m), Andrea Dossena (Udinese, undisclosed), Philipp Degen (Borussia Dortmund, free), David Ngog (Paris St Germain, undisclosed), Emmanuel Mendy (Murcia Deportivo, free), Robbie Threlfall (Hereford, loan), Diego Cavalieri (Palmeiras, undisclosed).
Outs: Scott Carson (West Brom, £3.25m), Peter Crouch (Portsmouth, £11m), Harry Kewell (Galatasaray, free), Anthony le Tallec (Le Mans, undisclosed), John Arne Riise (Roma, £4m), Besian Idrizaj (Wacker Tirol, free), Danny Guthrie (Newcastle, undisclosed), Paul Anderson (Nottingham Forest, loan), Jack Hobbs (Leicester, loan), Godwin Antwi (Tranmere, loan), Adam Hammill (Blackpool, loan).
A year ago I wrote that Liverpool had their strongest squad under Rafael Benitez, that it was the first time that they could realistically be expected to mount a title challenge under the Spaniard, and that not to do so would be a failure.
In two words, they failed. The pressure on Benitez after his fourth season is increased not just by that failure, but also by a second season without a trophy. In the cups, his team lost twice at Chelsea, with embarrassment by Barnsley in between.
But, as usual in football, it wasn't as simple as two words - 'they failed'. For despite the results and the rows that continue to divide the club, the signs were there that, yes, Liverpool did indeed have a substantially-improved squad.
Had Benitez worked out best how to use the players then the gap between first and fourth - as it was the narrowest for 11 years - would have been even less. And Fernando Torres proved to be worth every penny, especially at home. For the first time since Michael Owen left for Real Madrid, there was more than one player whom every opponent would mark down as a potential match-winner, while Ryan Babel hinted that he could become another.
The number of draws, especially at Anfield, cost Liverpool dearly. Overall they lost fewer games than Manchester United, despite being beaten twice by the champions. Too often, though, they failed to beat at all teams that were demolished by Cristiano Ronaldo and friends.
It didn't help that Benitez took a long time to work out how to deploy his forwards; those decisions should be easier with Robbie Keane's acquisition. If he and Torres are both as prolific as last season then goals will not be a problem.
Liverpool should be lifted, too, by the return of Daniel Agger from injury, the rest and pre-season Martin Skrtel has had and the acquisition of Andrea Dossena at left-back.
But the saga over Gareth Barry - whose attraction to Benitez is slightly mysterious - has been counterproductive. Babel's future may lie in a more central role and width will continue to be a problem. And in the boardroom, there may be less open warfare, but it's more of a ceasefire than a lasting peace. With the changes in Champions League qualification rules, fourth place is much less of a prize (not that anything should be taken for granted against Standard Liege, but the quality of opposition will be higher next year).
Crucial to Liverpool's hopes of sustaining a challenge through the autumn is the first match back after the international break, when Manchester United come to Anfield. We always hear it's going to be Liverpool's year, but now that chorus has been joined by Jose Mourinho. On September 13 we could find out if the optimists are right.
Philip Cornwall