@knoxharrington.bsky.social makes a fair case that Chelsea making the CL is bad for LFC, but I’d argue that Newcastle is a the more immediate threat. If they get the extra spending power to get the 2 or 3 starters they need, they arguably have the starting 11 to rival City Arsenal and even LFC.
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If they qualify for the CL this year and make the last 16 they'll do very well to break 76 points next season.