Liverpool’s humbling night at the hands of Real Madrid has been described as marking the end of an era — proof that a once great team, which clinched the biggest prizes, is now in terminal decline.

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From reaching three Champions League finals in the space of five seasons to suffering the heaviest home European defeat in the club’s illustrious history. How the mighty have fallen.

The predictably frenzied fallout has been dominated by talk of a summer clear-out. Out with the old, in with the new. Rip it all up and start again.

The reality is rather different. In fact, Tuesday night — the 11th defeat Liverpool have endured in a season full of punishing setbacks — only reinforced what was already known: this isn’t a team that’s grown old and stale together, it’s one that’s in transition. And that process is currently a painful one.

A massive overhaul of the playing staff this summer is neither realistic nor required. Just look at Chelsea’s situation after embarking on such an extravagant and scattergun recruitment drive: over £500million spent, for 10th place in the Premier League.

Money certainly helps but it has to be invested wisely. You can’t try to change too much, too soon. It has to be a gradual process and the truth is that Liverpool are already a fair way down the road in terms of their evolution.

Just look at the age profile of the players who have arrived at Anfield over the past two years: Ibrahima Konate (23), Luis Diaz (26), Darwin Nunez (23), Calvin Ramsay (19), Fabio Carvalho (20), Ben Doak (17) and Cody Gakpo (23). Plus Harvey Elliott (19), Curtis Jones (22) and Stefan Bajcetic (18) all tied down to new long-term contracts.

There has been plenty of change to the squad since Liverpool won the Premier League in 2020, Georginio Wijnaldum, Adam Lallana, Dejan Lovren, Xherdan Shaqiri, Divock Origi and Sadio Mane are among those to have departed, while Naby Keita, Alex Oxlade-Chamberlain, James Milner and Roberto Firmino are all out of contract this summer.

Certainly, the frontline has already been transformed with Diaz, Nunez and Gakpo costing around £140million combined (potentially rising to around £180m with add-ons). The continued absence of Diaz, who has made just 11 starts this season and hasn’t featured since October due to a knee injury, has hurt Liverpool badly. The same goes for Diogo Jota, who has only recently returned to action after four months out.

Diogo Jota has been missing for most of the season for Liverpool (Photo: Michael Zemanek/DeFodi Images via Getty Images)

Nunez has understandably needed time to adapt but the exquisite manner in which he opened the scoring against Real Madrid — his 12th goal of the season — was another sign of his growing confidence. Gakpo is also starting to look the part after a difficult start. The understanding between them is growing.

Mohamed Salah hasn’t been anywhere close to his best but he still has 19 goals and nine assists in all competitions and it would be ridiculous to write him off.

Liverpool will only need to target another attacker this summer if Firmino turns down their offer of a new contract. The Brazilian is currently considering his options and is expected to make a decision over his future in the coming weeks.

There’s excitement at the club over the potential of young Scottish winger Doak and they don’t want to block his pathway.

Ben Doak is one of Liverpool’s most highly-rated youngsters (Photo: Nick Taylor/Liverpool FC/Liverpool FC via Getty Images)

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Where the word “rebuild” is appropriate is when the conversation turns to the midfield. That’s where major surgery is required. That’s where the evolution of the team has been too slow.

Liverpool overestimated what Jordan Henderson, Fabinho and Thiago had left in the tank after last season’s 63-game marathon, and the decision not to bolster that department after missing out on Aurelien Tchouameni has come back to haunt them.

It was telling that when Liverpool wilted during the second half on Tuesday, Klopp turned to Milner and then Elliott rather than Keita or Oxlade-Chamberlain in search of fresh legs.

Bajcetic has shone like a beacon in the gloom. Yes, the Spanish teenager found life tougher against Real Madrid but that was hardly a surprise given the sizeable step up in class. He’s a big talent with a fantastic work ethic and temperament, and as he continues to develop physically, he will become more imposing.

Jude Bellingham remains Liverpool’s top summer target and the difference the England international would make to that midfield is vast. He could be a mainstay for the coming decade.

Wolves’ Matheus Nunes is also on their radar as they keep tabs on Mason Mount’s contract stand-off at Chelsea. Liverpool need a minimum of two new faces in that area.

The calibre they require won’t come cheap and as owner Fenway Sports Group continues its search for new investment, it’s unclear at this stage how much cash will be available. However, Klopp must be given the tools to compete.

Some of their defensive woes can be attributed to issues further up the field, given the lack of both control and protection. Liverpool’s back line have been exposed far too often but just how much they have missed Konate, who has been dogged by injuries this season, illustrates the need to buy a centre-back to provide greater cover. If Konate had been fit on Tuesday night, the narrative would surely have been very different.

With Adrian out of contract and Alisson’s deputy Caoimhin Kelleher expected to attract interest, they may also require another goalkeeper as back-up.

This isn’t a squad that needs to be dismantled. Klopp has an embarrassment of riches compared to what he inherited when he took the job in 2015. Back then Liverpool were without Champions League football for the fifth time in six seasons and Simon Mignolet was playing behind a back four of Nathaniel Clyne, Mamadou Sakho, Martin Skrtel and Alberto Moreno. Further forward, Liverpool were relying on the likes of Kevin Stewart, Jordon Ibe and Christian Benteke.

Klopp slowly built a team that not only clambered back into Europe’s elite but turned dreams into reality both domestically and abroad.

Now he’s in the process of trying to create a second one that can scale similar heights. An era didn’t end on Tuesday night: Liverpool are simply stuck between one and another.

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