The Reds did manage to string together a number of impressive performances after the World Cup in Qatar, going on an unbeaten run of 11 matches to end the Premier League season.
The aforementioned slow start last term was costly, as Liverpool found themselves in sixth place by the mid-way point, which proved too much to overcome and they ultimately paid the price - a season without Champions League football.
But enough about the recent past, what about 2023/24?
Well, the Reds are going through a transitional phase at the moment and are a little hard to read. That said, there are three main points to consider going forward.
More investment needed
Liverpool have made some seriously smart moves in signing Alexis Mac Allister and Dominik Szoboszlai, two phenomenal attack-minded midfielders, but it's not enough.
There remains a lack of reliable depth in the team's back line, as well as a lingering need for further reinforcements in the centre of the park.
At the time of writing, the Reds do not have a recognised first-choice number six 'destroyer' in their squad.
Following the departures of former captain Jordan Henderson and Brazilian hard-hitter Fabinho, there is a clear gap in any potential starting XI for Liverpool.
The duo fetched around £52 million in the transfer market - admittedly, that money is almost certainly going to be reinvested back into Jurgen Klopp's squad, especially with a deal for Southampton's Romeo Lavia on the cards, but it remains a problem less than a week before the new Premier League season begins.
A number of Anfield favourites - namely Joe Gomez and Joel Matip - have unfortunate fitness records and can't be relied on throughout a lengthy season.
With that in mind, another central defender, ideally with a preference for the left side to complement Virgil van Dijk, should be another priority for the Reds' recruitment staff before the window shuts.
Importance of key players
With the significant departures of Henderson, Fabinho, Roberto Firmino, James Milner, and a few other fresh gaps in the squad, Liverpool need their senior players to step up.
That isn't to say they weren't already doing so - Alisson Becker and Mohamed Salah are two massive reasons their team will be playing any form of European football this season.
Opta's numbers had the Brazilian shot-stopper down as the most successful in the Premier League last term for preventing goals, while the Egyptian winger notched up 31 goal contributions.
The importance of key players continuing to perform becomes even more clear when considering Klopp's likely starting midfield for the new season.
Mac Allister and Szoboszlai are undoubtedly top-class professionals, but the German manager has displayed a penchant for allowing his new players time to settle in.
With Henderson and Fabinho opting to sell their trade in Saudi Arabia - effectively pulling the rug from under their former boss, who expected both to be in his roster beyond the summer - it's now unlikely Liverpool's newest additions will be afforded much luxury.
Mac Allister, Szoboszlai and whoever may come in to play the six role will need to be backed by their new teammates in a big way - the likes of Salah, Trent Alexander-Arnold, Diogo Jota, and even newer stars, such as Luis Diaz, Darwin Nunez and Cody Gakpo have to grab matches by the scruff of the neck.
Additionally, midfielders Curtis Jones, Harvey Elliott and Stefan Bajcetic are sure to play big roles next term, with all three impressing in patches across 2022/23, as well as teenage winger Ben Doak who has enjoyed a brilliant pre-season.
Possible resurgence
With the Champions League not on the cards this coming season, inclusive of trips abroad to visit European giants like Bayern Munich and Real Madrid, Liverpool will be afforded a touch more flexibility.
Under the leadership of new captain Van Dijk, it will be the Reds' target to secure top-four football by the end of 2023/24, but a pop at the Premier League title isn't out of the question.
That said, Manchester City remain the country's best team, while Arsenal and Manchester United have improved their squads in the transfer window, so expectations should be relatively modest at Anfield.
Whatever happens for Liverpool this coming season, it seems it's almost dependent on how the final weeks of the transfer window go for Klopp and company.
If they can bring in at least one midfielder (two, ideally) and another body in defence, a positive season and, importantly, a chance to write off last season as an anomaly, lays ahead.
Fail to do those things and the Reds' Champions League exodus could last longer than just 12 months. After all, a top-four finish is a mighty task, especially with a wanting squad.