TambourineMan I fear it might be the latter and their form picks up once they get the new guys fully integrated.
I get the feeling that Liverpool are in a similar position that we were in last season. Our first XI were quality, and we had a few decent subs. But then we got injuries, and we struggled to put out a 'title winning team' (and we still finished second and got the the CL semi's and pushed PSG pretty well). If Liverpool get a couple injuries to, say, VVD or Salah (or McAllister, etc), they could very well be us from last season. A great starting XI, but not a lot to replace them.