Benitez challenged for title with the same team plus Mascherano and Alonso, one of whom was sold by Hodgson after Benitez had departed and the other one wanted to join his dream club. They are not that far off, they probably need two or three players to get back into top 4 and from there on anything could happen. Oh, and a new manager would be handy.
its not that simple - Liverpool have a whole host of problems
gerrard is 2 years older and you could argue he's been in decline (definately not as effective as he was then)
carragher is definately on the way out
hyypia was a very good backup CB but the club failed to give him the contract he wanted - kyriakos or whatever is a really poor defender IMO
skrtl and agger have been very poor lately
letting a half decent defender like arbeloa go and blowing your wad on glen johnson was a mistake
they have no solid reliable left back
the kid kelly looks a prospect
Lucas/Meirles are squad players at best
Babel has underachieved for 4 years now (i think)
Kuyt wouldnt be 1st choice for another side in the top 4/5
Cole could make a comeback and start putting some decent performances
Are Poulson/Jovanavic good enough?
They have 1 backup striker for Torres in Ngog - is he good enough to lead the line when Torres is out?
I think Liverpool have some serious issues and there is no guarantee the owners are gonna spend big - the fact they have been scouting Charlie Adam (a poor mans Danny Murphy?) maybe suggest the kind of price bracket they are working within
I think it could take a few seasons for Liverpool to get the 4th place back - they need at least 5/6 players to come through the system or be bougth in tho - the current squad is full of squad players - the need players who will walk straight into the 1st team