The common consensus among Liverpool fans was that a couple of good signings in the right positions would elevate the club onto the next level. They would finally give them what they needed to end the 20 years of hurt.
But the signings have not worked out as planned.
The biggest blow, as has been well documented, was the departure of Xabi Alonso to Real Madrid's "Galacticos". The Basque play-maker was a key member of the side, and provided that vital link between defence and attack.
Mascherano would win the ball, give it to Alonso, who would give it to Gerrard or Torres who would score. That was the plan.
Since his departure, however, that link has been missing. Alberto Aquilani was brought in to fill the substantial void, but while he recovered from his injury, Liverpool's form dipped.
Lucas Leiva was Alonso's stand-in, and the much maligned Brazilian was simply not good enough. He doesn't deserve much of the criticism he has received, but he can't distribute the ball the same way Alonso could.
This meant he had to take on Mascherano's mantle instead, winning the ball. While he did this well, it wasn't the same world-class level Mascherano was operating at.
Instead, Masch was forced to play the Alonso role, distributing the ball, which didn't play to the Argentinian's strengths. The result was a midfield far short of last season's.
Aquilani finally returned, but he is still yet to shine in a Liverpool shirt. I recently traveled to Anfield to watch Liverpool play Bolton, and Aquilani's performance was one of the worst I have ever seen live.
This signing has made the most headlines, but two others have been important too. Alvaro Arbeloa followed Alonso to Madrid for a knock-down price. His replacement, Glen Johnson, was largely seen as an upgrade.
In the opening weeks, it seemed that way, as Johnson provided the width and attacking prowess Kuyt, as an unatural winger, didn't.
But recently Johnson has been dogged by injuries, and with only Degen as a first team back-up, it has had an impact on the team.
Jamie Carragher has often had to move from his favoured centre-back role to counter this, which inevitably weakens the core of the side.
When fit, there is no doubt Johnson is a top player, but his injuries hurt the team. Arbeloa, on the other hand, was as solid a right-back as there is. He rarely got injured, and always put in a decent performance.
Selling him, coupled with Johnson's injury woes, has had an unforeseeable effect on the team.
Sami Hyypia's move to Bayer Leverkusen has also had a negative impact on the club. The big Finn was a legend at Anfield and his experience was invaluable.
He provided vital depth and, when called upon, you knew he had the quality to deliver. He may not have been the fastest, but there were few wiser heads in the league.
With Carragher spending most of his time at right-back, Hyypia could have been instrumental in steadying the ship.
The transfer dealings made by Liverpool in the close season directly affect the next slide...