They may have blown their best chance to win a first league title since 1990 during the 2013-14 campaign, but runners-up Liverpool won themselves plenty of admirers with some slick attacking football.
The sale of Luis Suarez to Barcelona will have hurt undoubtedly, but manager Brendan Rodgers parted with over £100m during the summer to bolster his squad.
Would those new players settle straight away, though? Here, Sports Mole has taken a look at how the Reds have fared during the opening five months of the 2014-15 campaign.
August
The big question around Liverpool's opening game of the campaign was what would life be like without Suarez? Well, when Raheem Sterling rolled the Reds in front in the 23rd minute against Southampton, it appeared that the transition was going to be a smooth one.
However, cracks started to surface as the Saints dominated to the point where right-back Nathaniel Clyne scored a second-half equaliser. Daniel Sturridge, though, ensured that it would be a winning start to the season for Rodgers's men with his strike 11 minutes from time.
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Next time out at champions Manchester City, Liverpool created openings, but they slipped to a 3-1 defeat at the Etihad Stadium.
However, August would end on a high note on what was Mario Balotelli's debut. The Italian did not get on the scoresheet away at Tottenham Hotspur, but he linked well with his new teammates as goals from Sterling, Steven Gerrard and left-back Alberto Moreno secured a highly impressive 3-0 win. On a more sour note, thigh and calf injuries would mean that this was Sturridge's last Liverpool outing of the year.
September
For the first time since 2009, the famous Champions League anthem was played out at Anfield in September. Bulgarian minnows Ludogorets were the visitors, but it was not the straightforward encounter that many had predicted.
Balotelli's first goal in Liverpool colours put the home side in front, but it seemed that the visitors had claimed a point when Dani equalised in stoppage time. Moments before the final whistle, though, the ever reliable Steven Gerrard kept his cool from the spot to seal a dramatic 2-1 win.
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Despite the positivity of a winning Champions League return, things were not so promising in the Premier League. Aston Villa left Merseyside with a 1-0 victory, while West Ham United dominated the Reds in a 3-1 win at Upton Park. Then, to rub further salt into the wound, a stoppage-time strike from distance from Phil Jagielka rescued a Merseyside derby point for Everton.
There was also a major struggle in the League Cup, as Championship outfit Middlesbrough took hosting Liverpool to penalties. The Premier League side eventually won through 14-13, but it was by no means a memorable performance.
October
After the victory on matchday one, Liverpool's Champions League form took a negative turn in October, with two defeats being inflicted.
The first came away in Basel when Marco Strellar scored the only goal of the contest following some poor defending. That was followed by a 3-0 home loss at the hands of Real Madrid. The holders, who were spearheaded by former Manchester United talisman Cristiano Ronaldo, ran riot at Anfield and could have won by an even greater margin, such was their domination.
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Even so, things were looking a little more brighter in the Premier League. Despite a disappointing 0-0 home draw with Hull City, West Bromwich Albion and Queens Park Rangers were beaten in successive matches.
The road to Wembley also remained open in the form of the League Cup. It seemed that Swansea City were heading through, but late goals from summer signings Balotelli and Dejan Lovren - his first for the club - saw the tie finish 2-1 in Liverpool's favour.
November
This was a month to forget for Rodgers and his players. From their six encounters in all competitions, they won one just once, losing on four occasions.
In terms of the Premier League, a run of three successive defeats started at the hands of an improving Newcastle United at St James' Park. Then, despite Emre Can putting Liverpool a goal to the good early on, Chelsea ran out 2-1 winners at Anfield. Next time out at Crystal Palace, Rickie Lambert may have scored his first goal for the Reds, but they still lost out 3-1.
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It was not much better in the Champions League, with a much-changed Liverpool side losing out 1-0 in the Bernabeu against Madrid. That was followed up by a disappointing 2-2 draw away in Ludogorets, which meant that only a win against Basel on matchday six would do if the Merseysiders were to progress to the knockout stages.
There was some momentary respite in the form of a 1-0 victory over Stoke City courtesy of right-back Glen Johnson's first Premier League goal since December 2012.
December
As mentioned, a frustrating Champions League campaign came down to shootout against Swiss Basel at Anfield. Anything but a victory and Liverpool would be sent packing into the Europa League. As it was, a first-half goal from Fabian Frei put the visitors in front and despite a late equaliser from Gerrard, a 1-1 draw meant that any chance of winning a sixth European Cup were extinguished.
There was better news in the form of the League Cup, with Sterling scoring twice in a 3-1 win away at Championship side Bournemouth, which secured Liverpool a semi-final date with Chelsea.
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Meanwhile, the Premier League continued to provide mixed results. While Leicester City and Burnley were beaten, there were frustrating home draws played out against Sunderland and Arsenal.
Perhaps the biggest disappointment, though, came at Old Trafford - a ground where Liverpool ran riot last season. They actually created plenty of openings this time around as well, but wayward shooting and clinical finishing from rivals Manchester United secured a 3-0 win for the hosts. Yet, the year would end on a high note as a slick performance saw Rodgers's former side Swansea defeated 4-1 at Anfield, with Adam Lallana scoring twice.
Position at start of 2015: 8th
Star player so far: Raheem Sterling
Must do better: Mario Balotelli
Where they need to strengthen in January: Striker
Mid-season grade: D
To see Liverpool's remaining fixtures in 2014-15, click here.
