According to the harshest critics, Liverpool has gone from feast to famine this season, from competing for everything to competing for nothing.
While hopes of winning another Premier League title have been almost entirely dashed, detractors are far too quick to dismiss Jurgen Klopp's team as a complete write-off.
That was evident on Wednesday in Amsterdam, when the Reds issued a comprehensive statement of intent, claiming that reports of their demise had been greatly exaggerated.
It is not easy to advance to the Champions League knockout stages. Just ask Barcelona, who was relegated to the Europa League. Ask Tottenham Hotspur, whose hopes are still hanging in the balance.
Liverpool deserves credit for advancing to the competition's last 16 for the sixth time in a row with a game to spare. They have reached the final on three of the previous five occasions.
A fourth showpiece under Klopp this season would be a tall order for a team that is clearly in transition and, as evidenced by another formation change against Ajax, is still searching for the right combination to truly unleash their potential, hampered by the continued loss of so many key players.
However, it is not out of the question. While Premier League expectations have been lowered, Liverpool has three key objectives to complete before the season ends in less than three weeks for the World Cup.
The first was to negotiate their way out of their Champions League group, which they did despite the fact that they are almost certain to go through as runners-up to an impressive Napoli, who they finish Group A against next Tuesday at Anfield.
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The second goal is to defeat League One side Derby County at home the following Wednesday and advance to the League Cup quarterfinals. For a number of fringe players, such as Naby Keita, Alex Oxlade-Chamberlain, Nat Phillips, Caoimhin Kelleher, Calvin Ramsay, and possibly 16-year-old Ben Doak, the competition will provide an important opportunity to gain minutes, which will benefit the squad's deeper strength.
The third goal is to close the gap on the top four, with Liverpool currently trailing by five points with a game in hand. Home games against Leeds United and Southampton provide an opportunity to reclaim Premier League momentum lost in last Saturday's defeat at bottom-of-the-table Nottingham Forest, with a trip to inconsistent Tottenham Hotspur sandwiched in between the litmus test of the Reds' recent overall progress.
While the Champions League group stage is not yet complete, it is realistically unlikely that Liverpool will finish first in Group A; therefore, the number of possible opponents in the next round is somewhat limited - and potentially extremely difficult.
At the moment, all three other English clubs are leading their respective leagues, with Chelsea already assured of first place and Manchester City favorites to win theirs, while Tottenham could still miss out entirely. If the status quo is maintained, the Reds will be left with only four options if they are unable to face Napoli in the next round.
Bruges or Porto will win Group B, Bayern Munich will win Group C, Real Madrid will win Group F if they beat Celtic at home, RB Leipzig will win Group H, and either Paris Saint-Germain or Benfica will win Group H.
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