Believe the most vehement of critics, and Liverpool have gone from feast to famine this season, from challenging for everything to competing for nothing.
While hopes of another Premier League title have indeed already almost completely been banished, such detractors are being far too eager to dismiss the campaign as a complete write-off for Jurgen Klopp's side.
That was evident on Wednesday in Amsterdam when, after an early wobble or two, the Reds issued a comprehensive statement of intent that reports of their demise have been greatly exaggerated.
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Reaching the knockout stages of the Champions League isn't easy. Just ask Barcelona, who have been dumped into the Europa League. Just ask Tottenham Hotspur, who still very much find their hopes in the balance.
Liverpool deserve credit for securing, with a game to spare, a sixth successive progression to the last 16 in the competition. Three of the previous five occasions have seen them go all the way to the final.
A fourth showpiece under Klopp this season would be a big ask for a team that is clearly undergoing a transition and, as was proven with another formation change against Ajax, is still trying to find the right combination to truly unlock their potential, hampered by the continued loss of so many key players.
But it's not beyond the realms of possibility. And while expectations have been lowered in the Premier League, Liverpool have had three key objectives to complete before the season pauses for the World Cup in less than three weeks.
The first was to negotiate their way out of their Champions League group, a task achieved despite it being almost certain they will go through as runners-up to an impressive Napoli, against whom they conclude Group A at Anfield next Tuesday.
The second, the following Wednesday, is to see off the threat of League One outfit Derby County at home and reach the last 16 of the League Cup. For a number of fringe players - think Naby Keita, Alex Oxlade-Chamberlain, Nat Phillips, Caoimhin Kelleher, Calvin Ramsay and even possibly 16-year-old Ben Doak - the competition will prove an important opportunity to gain minutes and, in turn, benefit the deeper strength of the squad.
And the third is to close the gap on the top four, Liverpool currently five points adrift with a game in hand. Home games against Leeds United and Southampton offer an opportunity to regain Premier League momentum lost by last Saturday's defeat at rock-bottom Nottingham Forest, with the visit to inconsistent Tottenham Hotspur in between the litmus test of the Reds' recent overall progress.
While the Champions League group isn't quite done yet, it is realistically unlikely Liverpool will top Group A, the number of possible opponents in the next round are somewhat limited - and potentially extremely tricky.
At present, all three other English clubs are leading their respective standings, Chelsea already assured top spot, Manchester City favourite to clinch theirs although Tottenham could yet fail to qualify altogether. But if the status quo is maintained, with the Reds unable to face Napoli in the next round it would leave them with only four options.
Bruges or Porto will top Group B, Bayern Munich have won Group C, Real Madrid need to beat Celtic at home to claim Group F ahead of RB Leipzig and either Paris Saint-Germain or Benfica will win Group H.
A reunion with Sadio Mane at Bayern or yet another clash with Real looms large, with PSG also lying in wait. Bruges or Porto would be the preferred choice but, in reality, Liverpool have shown regularly under Klopp they are difficult to beat over two legs in Europe - out of 17 such ties, only Atletico in 2020 and Real the following year have managed to eliminate the Reds.
Yes, Liverpool might not win the Champions League this campaign. And they definitely won't win the Premier League. But to suggest they have nothing to play for is simply wrong. Their season, it seems, is only just getting started.
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