They're a third seed team who are trying to replace the third best player in the world with Rickie Lambert. They could potentially go into a group with 2 European Giants. I think it'd be a success if they made it out of the group. Even if they do manage to do that, I really just don't see the depth of quality in their squad that the likes of Chelsea, United and City have in order to compete in the latter stages of Europe and challenge for top four.
Worst case scenario, I see them them bombing out of their group in third place as a result of being drawn with two European giants in their group. Third would be worse than fourth as they'll then have to take on the Europa League too. The residual effect domestically being a fatigued squad come the Christmas break. Don't forget they went out of the cups fairly early too last season.
Best case scenario, they make it out of their group and put in a decent effort by resting players for the league, make it to the round of 16 or at a push the QFs and then after that focus entirely on the league and challenge for fourth place. I see that Rodgers recongises the lack of depth buy the number of players they are targeting in this window but I just think they all lack the quality.