All summer, Andoni Iraola has said that he will be "comfortable" come the start of September when the transfer window is over and he has certainty over his squad.
That moment has now arrived.
Senior figures at Liverpool said from the outset that this was never going to be a transfer window like last summer, when the club spent a then record £415m under Arne Slot and broke the British transfer record twice by signing Florian Wirtz and Alexander Isak.
Last summer, Liverpool also made £188m from selling players such as Luis Diaz, Darwin Nunez and Jarell Quansah and ended the window with a net spend of £227m.
If you include Jeremy Jacquet (a deal confirmed in January), then Liverpool's net spend is not hugely dissimilar this summer at just under £200m - having also signed Victor Munoz, Ronald Araujo on loan and Bradley Barcola for a combined total of £217.5m.
But they have lost senior figures with Mohamed Salah, Andy Robertson and Ibrahima Konate all leaving for free and Curtis Jones moving to Inter Milan in a deal worth £30m. Liverpool then rejected a bid worth £80m from Manchester City for Cody Gakpo as they were unable to get a replacement.
On the basis of their first two Premier League games, there is certainly a feeling that Liverpool have left themselves short after their struggles last season.
Where concern lies is the lack of quality squad depth at the back and the absence of an out-and-out defensive midfielder but Iraola's side will end the window having made the second most expensive signing of the summer in France forward Barcola, who chose the Reds despite interest from other clubs including Arsenal.
Sources at Paris St-Germain described the Barcola deal - worth £123m - as part of the "greatest super sub window ever" after they made more than £280m in the sales of five players - including Goncalo Ramos, Lee Kang-in, Randal Kolo Muani and Ibrahim Mbaye - who often featured on the bench last season.
Despite struggling for the game time he wanted at PSG, Liverpool believe they have secured one of the most outstanding wide attacking talents in world football.
Liverpool fans could see their first glimpse of 24-year-old Barcola on Friday when Iraola's side travel to Ipswich. And there is a belief inside the club that the combined £364m trio of Wirtz, Isak and Barcola could become one of the most feared attacks in Europe.
Anfield needs some excitement after a below-par campaign last season which ultimately saw Slot lose the support of the fanbase and his job, a year after winning the Premier League.
Liverpool conceded twice in both league games so far and Iraola will be worried by how easily his side have been cut open.
Defensively, Giovanni Leoni and Conor Bradley are sidelined with long-term injuries and Joe Gomez's pre-season injury prompted Liverpool to bring in Araujo on loan from Barcelona.
The experienced Uruguayan, 27, is a stop-gap for now but Liverpool have an option to buy him for £47m next summer, when Virgil van Dijk's current contract expires.
Meanwhile, Leoni, 19, and Jacquet, 21, are viewed internally as two of the best young centre-backs in Europe. Liverpool are well stocked in that department when you include promising teenage defenders like Mor Talla Ndiaye and Ifeanyi Ndukwe, who impressed in pre-season.
The signing of 18-year-old goalkeeper Lucca Brughmans from Genk in a deal that could go up to £30m is also one for the future. Bayern Munich were also interested in the 6ft 7in Belgian and with Alisson’s contract expiring next summer and Giorgi Mamardashvili struggling to make an impact so far, Brughmans could be an option in the 2027-28 season. He is a product of the Genk academy which also developed Thibaut Courtois.
Milos Kerkez has had an underwhelming start to the campaign at left-back but the hope is that he can peak under Iraola, whom he worked with previously at Bournemouth.
On the right, Jeremie Frimpong has struggled to convince so far and Liverpool reportedly failed in an attempt to bring Malo Gusto on loan from Chelsea on deadline day.
Liverpool are willing to wait until Bradley returns from his knee injury but it is an area of worry. Araujo can also play at right-back and so can Dominik Szoboszlai, if needed.
In midfield, Iraola suggested it was not a personnel problem when Newcastle hit Liverpool on the counter twice at St James' Park.
But former Liverpool striker Daniel Sturridge, working on the game as a pundit, said that his old team has needed a defensive midfielder for three years.
Liverpool have not had a genuine number six since Fabinho left in 2023 but senior figures at the club are content with the midfield options for now.
Both Szoboszlai and Ryan Gravenberch signed new long-term deals this year while Alexis Mac Allister, who Manchester City were interested in, is staying. Iraola will also have Wataru Endo and 19-year-old Trey Nyoni available.
The understanding is that any permanent move for a midfielder would only happen in January or next summer. Liverpool did look at Lamine Camara but there was no plan to buy a midfielder this summer.
The average age of Liverpool's first-team signings across the past two windows is 22 and that suggests a long-term approach at Anfield. But, given their struggles in their first two games, this feels like a squad that could have done with more additions this summer.
The club's Champions League campaign begins on 10 September, meaning two games per week most of the time and that will be a new challenge for Iraola.
Liverpool believe they will be better placed once players are back from injury but only time will tell if this squad is strong enough to compete on all four fronts.
