There could hardly be a worse summer for Liverpool and their owners, Fenway Sports Group, to find themselves outside the Champions League.
The Reds will have their faces pressed up to what is probably the Art Nouveau glass of Europe's premier competition when the draw is made on August 25 by UEFA and Jurgen Klopp will be made to wait until September 1 for his own continental fate when the Europa League draw is concluded.
Klopp insists he will feel no difference when the Reds kick-off their European campaign later this year and recent history in the competition - against Villarreal, Manchester United and most notably Borussia Dortmund - has provided just as authentic an Anfield experience as the Champions League at times when it comes to those 'famous European nights'.
And while the coming campaign has the potential to provide similarly memorable evenings, there is little doubt the secondary competition was not the desired outcome last August.
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Klopp laughed when the notion of it being a "booby prize" was put to him last month as he insisted, with much sincerity, that he did not know what that particular turn of phrase meant, both figuratively and literally.
The Reds boss is within his rights to put a brave face on proceedings and with the prospect of a Dublin final next year, Liverpool should be going all out to try and add the one trophy that has eluded Klopp during his eight years on Merseyside.
However, the thrill of the chase will see its novelty wear off if it is something supporters are made to get used to going forward. That is where FSG come in and where the absence of the Champions League bounty might impinge on plans.
With Newcastle taking their place in the Champions League for the first time since the early 2000s and Arsenal once more back at the top table, it is becoming increasingly difficult to stay on top in the Premier League's arms race. Chelsea, despite the often baffling and dizzying reign of owner Todd Boehly so far, will be ready to spend big again, while Manchester United - Qatar ownership or not - will always be a powerhouse in the transfer market.
With Arsenal aggressively looking to try and improve on last year's runners-up place with early moves for the likes of Declan Rice at West Ham United, Kai Havertz of Chelsea and Ajax defender Jurrien Timber, the North Londoners are determined to provide Mikel Arteta with everything he needs to challenge treble winners Manchester City once more.
Newcastle, buoyed by their Champions League status and the impossible wealth of Saudi Arabian owners, are already exploring a number of big-money deals, including a £70m move for AC Milan's Sandro Tonali, while Chelsea will see their spending problems eased by expected sales of Mason Mount, Mateo Kovacic and Havertz.
The futures of Hakim Ziyech, Edouard Mendy, Romelu Lukaku and Kalidou Koulibaly could also free up some room on the wage bill and squad list for the Londoners to recruit too. City, meanwhile, are pressing ahead from their treble-winning campaign by chasing Rice and Kovacic.
It has rarely been as competitive at the sharp end of the game when it comes to recruitment. The real question for FSG - and it is a major one that could yet define the coming years - is just how much they have left in reserve to compete?
The addition of Alexis Mac Allister at £35m from Brighton was an outstanding start to the window, but can Liverpool get back to where they were in recent years simply by proving themselves once more as some of the shrewdest operators at the top level?
There's a feeling that a significant backing from the very top has to provide the framework for those on the inside of the club to achieve those results. Liverpool may very well be the smartest ones in the room, but wealth is a great equaliser for that.
While a total departure from the self-sustainable model FSG insist Liverpool must be run is not totally necessary, much now rests on how agile the ownership group will be in allowing Klopp the tools he needs.
To paraphrase the beleaguered Steve McCroskey in the iconic film Airplane: It looks like Liverpool picked the wrong season to drop out of the Champions League.
