At the beginning of the season, Liverpool would have been looking at another top two finish as a real target, with hopes of a possible title. Along with this, the prospect of a good run in their return to The Champions League and chances of winning both domestic competitions were all real aims of everybody at the club.
Due to the way things have gone this campaign, with a group stage European exit, a dreadful league start and semi-final defeats in the FA and Capital One Cups, Liverpool have already stooped well below their expectations. They still have roughly a month left to salvage something from this disappointing season, but there is not much left for them to challenge for.
Given those high expectations, Liverpool's season can only go down as a failure. An abysmal opening four months were followed by a run of form that looked like it could turn into a really exciting end to the campaign. However, failure to deliver when it's really mattered has left The Reds in a position where they are not going to reach the levels expected of them once again.
Although last season's over-achievement perhaps put an unneeded pressure on the squad last year, they have definitely come short in terms of their targets. Now they mathematically can still reach the Champions League spots, and really, that challenge is all they have left. Manchester City currently sit above Liverpool in 4th place, but with a seven point advantage, it looks unlikely that the reigning Champions will let Liverpool back into the race.
City have however been very inconsistent this campaign and have slipped up in several of their more 'winnable' matches. Liverpool obviously can't do anything about City's advantage now, and must just win as many of their remaining matches and hope for the best with regard to results outwith their control.
In terms of looking towards next season, Liverpool would definitely benefit from a strong end to the season. In 2012/13, despite a poor campaign, Liverpool finished the season in impressive form, and this gave them a great building block for their much more succesful following campaign. If Rodgers can get his side back into winning ways and playing a good style of football again between now and the final day, they can give themselves something to carry on from when next season begins.
A good run of form will also be important in putting the club in the window for players possibly making a decision about leaving and joining Liverpool. Players like Raheem Sterling and Martin Skrtel, who have been two of Liverpool's best performers this year, are yet to agree contracts despite ongoing talks, so may need convinced that Anfield is the right home for them.
Whereas some transfer targets may be looking at Liverpool and wondering whether they want to join a side that isn't showing any real signs of progress, so a good run towards the end of the season would definitely help out on these fronts.
It is also important not to forget the teams chasing Liverpool. Southampton and Tottenham are both right behind Liverpool and could still pip The Reds to a Europa League spot. Although some may argue that club's do not benefit from competing in this competition, taking the foot off the gas and dropping to 6th or 7th would make what has already been quite an embarrassing season at times simply humiliating for a team that spent roughly £120million in the summer transfer window.
Liverpool are definitely capable of staying clear of the chasing pack and securing a finish of (at least) 5th place, but they do need to continue winning their games and not allow the others any chances to overtake.
At the end of the day, all Liverpool can aim for between now and the end of the season is to win as many of their games as possible. If Liverpool can tie down 5th place, then just continue winning their games until the final day, then they can look at what has happened above them and where they will end up.
Achieving a top-four finish is very much out of Brendan Rodgers now so he really just has to do all he can to take maximum points and hope for the best, and even if they do miss out on a Champions League place for next year, they can build a platform to kick on in what will hopefully be a much more successful 2015/16.