Paul Doyle and Amy Lawrence discuss Liverpool's prospects for the coming season guardian.co.uk

Guardian writers' prediction 4th (This is not Andy Hunter's prediction, but the average of our writers' tips)

Last season's position 6th

Odds to win the league 10-1

The voice of reason is often muted at Liverpool pre-season by improbable title predictions (except when the club stares into the financial abyss and asks Roy Hodgson to steady the ship) and this summer's extravagant spending has fuelled a revival. Praise be then for John W Henry, the man who has so far sanctioned over £100m of investment in Kenny Dalglish's squad since January yet did his manager another, cheaper favour this week by confirming common sense prevails at the top at Anfield.

"It's too early for us to talk about winning the league," Liverpool's principal owner said, while backing Manchester United as favourites to retain their title. "Our main goal is to qualify for the Champions League. If we don't, it would be a major disappointment." A reasonable ambition from someone behind the biggest spending spree in Liverpool's history – even taking into account the £50m banked for Fernando Torres and no doubt with a copy of Moneyball burning in the bin – but it will require sustained improvement and further additions to distinguish Dalglish's team from a crowded market.

Henry's vision was portrayed as an ultimatum to Dalglish, as though he leapt from the stands during the 3-3 draw with Valerenga on Monday and slapped Liverpool's manager about the face with a glove. Liverpool officials and management are acutely aware of the need to reclaim a place among the European elite after two seasons on the margins, and have bought realistically – if not in terms of transfer fees then certainly transfer targets – to get there. They also discovered the cost of the club's recent regression along the way.

Liverpool's obvious need to strengthen led them to Phil Jones, Gaël Clichy and Ashley Young this summer, with interest developing further in the then Blackburn Rovers and Arsenal defenders than Aston Villa's former spark. Each player provided a pertinent reminder of Liverpool's position by choosing the champions, FA Cup winners and the Champions League football on offer at Old Trafford and Manchester City instead. Pre-season, in which experimental teams have conceded a total of 15 goals in five friendlies, has merely reinforced where Liverpool's main weakness lies. Interest in the Newcastle United left-back José Enrique and a central defender, possibly Scott Dann of Birmingham City, is expected to develop before the season opens.

Handicapped in direct competition with certain rivals, Liverpool demolished the field to ensure they landed Jordan Henderson for £16m from Sunderland (who insist the fee can rise to £20m) and Stewart Downing for £20m from Aston Villa. The imagination on both deals has been fired more by the sums involved than the player concerned – though one or two former Liverpool managers would argue it is about time the club paid the going-rate – but the two midfielders, plus Charlie Adam for an initial £7m rising to £8.5m, unquestionably improve the balance of the squad, the supply to Andy Carroll and the options available to Dalglish. They are also unlikely to complain about finding it hard to settle on Merseyside.

Adam is arguably Liverpool's most intriguing capture of the summer given the contrast in his influence at Rangers and Blackpool where, unlike at Ibrox, it was maximised by the team and in particular the underrated David Vaughan. He may not prove to be a Xabi Alonso in tartan but he offers a passing range Liverpool have lacked since the Spain international was sold to Real Madrid, plus invaluable accuracy from set pieces. Providing he takes them.

Shoulders shrugged when Downing signed yet Liverpool have required a consistent, natural wide player for several years. Along with Adam, he ensures there can be few excuses for Carroll not developing into the centre-forward Dalglish believes he can be but who, due to injury and with the exception of a rampaging display against Manchester City last season, Anfield has yet to see.

The summer recruits so far suggest a concentration on Carroll's strengths when, of course, it is the outstanding Luis Suárez who holds the key to where Liverpool finish this season. Four goals since his £22.8m arrival from Ajax in January does not begin to describe the impact of a striker who reminded Liverpool that, despite the revulsion over Torres wanting to leave, the club goes on and can go upwards. His performances during Uruguay's triumphant Copa América campaign last month, when Suárez was named player of the tournament, underlined that he possesses a ruthless winning mentality to match his talent. Again, another recent deficiency in Liverpool's armour has been addressed.

Expensive deadwood has still to be cleared and Liverpool's Champions League prospects are not only shaped by the revival Dalglish oversaw in the second half of last season, the emergence of young talent such as John Flanagan and the largesse of Fenway Sports Group, but what may or may not happen at the Emirates, White Hart Lane and Stamford Bridge this month.

Dalglish was irked at Danny Murphy's suggestion last season that he had inherited a team playing without pressure and that the situation would be radically different this term. The Liverpool manager may not have appreciated the slight or where it was coming from, but Murphy was right.