Assessing the Contract Options for Liverpool Captain Steven Gerrard

Steven Gerrard took the headlines after scoring in Liverpool's 3-1 win at Leicester City on Tuesday night. The Reds captain returned to the side after being rested for the Stoke City game at Anfield on Saturday—which was 16 years since his club debut.

The 34-year-old has been used in a more advanced midfield role in his last two performances, plus as sub vs. Stoke. Brendan Rodgers has seemingly shelved Gerrard as the deep-lying playmaker following the disappointing display and defeat at Crystal Palace.

For many, the decision to no longer play Gerrard in a deep role, and indeed to actually rest him for the first time in the Premier League this season, is long overdue.

A comparative analysis of Gerrard to fellow esteemed Premier League midfielders Frank Lampard, Ryan Giggs and Paul Scholes, all at age 34, by This Is Anfield's Jack Lusby this week, showed just how Rodgers should be targeting quality, not quantity, from his captain.

"Gerrard should be playing between 20 and 30 games per season in the league to achieve his best form on a consistent basis," writes Lusby. "Lampard is the perfect example of this, with 15 goals in 29 games [for Chelsea] at [age] 34."

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With his current deal expiring at the end of the season, meaning he could sign a pre-contract agreement with another club next month, Gerrard's contract situation has dominated the headlines in the last week.

Speaking after the Leicester win, Gerrard refused to discuss the situation.

"I’ll decide when I’m ready," he told BT Sport (via The Guardian). "There’s nothing to say on the contract at the moment. When there is, the fans have known me long enough, I’ll come out and say what I need to say."

Gerrard has been offered a new contract, confirmed by Rodgers on Monday, as per Press Association Sport (h/t This Is Anfield).

According to BBC Sport's Ben Smith, money is not the issue for Gerrard with signing, or not signing, an extension. "Key to Steven Gerrard's decision on this LFC contract will be how much he thinks he will play this/next season. Not straightforward," writes Smith on Twitter.

Writing following his substitute performance against Stoke, The Telegraph's Chris Bascombe explained the situation for Gerrard mentally:

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For a player whose life has only been about training and starting every week, the transition is mental as well as physical. If he accepts the conversion he will remain a Liverpool player. If not, this will be his final season at the club, although he would never move to another team in England.

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Speaking back in October, Gerrard outlined that he would not be retiring at the end of the season.

"As it stands at the moment, I’m here until the end of the season and want to make the most of it. I certainly won’t be retiring this summer," he explained in an interview with the Daily Mail.

"I will play beyond this season. We will have to wait and see if that’s at Liverpool or somewhere else. That’s Liverpool’s decision. If they don’t come then I will see what’s out there."

So, what are Gerrard's options?

Option 1. Stay at Liverpool

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The first and most obvious one is to stay at Liverpool, to extend his contract, see out his career and become a one-club man, retiring at the club where he has won every major honour bar one and write a final chapter in his Anfield legacy.

That would mean accepting that he won't be starting every game, but used perhaps more similarly to how we've seen Frank Lampard used by Chelsea and now Manchester City in the last three years. If Gerrard can accept that and realise that it would get the best from him, then it's certainly an easy option.

For Liverpool, losing Gerrard would be a major blow. He is Mr. Liverpool, and commercially, a year after losing Luis Suarez, to lose their captain and biggest asset would be devastating.

For Rodgers too, losing his captain, a key man on the training ground and around his young squad, the most experienced player and most respected man in his squad, it's not worth contemplating. Such is Rodgers' desire to keep Gerrard around, he's reportedly offered him a coaching role once his playing career ends, as per Bascombe.

Option 2. Move to Europe

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An alternative is to make the move abroad that he had the opportunity to take many times in his career but always opted to remain on Merseyside. Speaking before the Real Madrid match back in October, he explained how he turned down the chance to join the Spanish giants several times, as per The Independent. 

Despite his dwindling years, Gerrard would still be highly sought by European sides—the irony is that if he were to move to a major Champions League club, he'd have to accept a reduced playing role there in all likelihood.

But a fresh challenge, away from the spotlight in England, may appeal for his final years of his career. In all honesty, you couldn't deny him the opportunity to see out his career at Bayern Munich, Real Madrid or another top side after he turned them all down so many times to remain at Anfield when times were hard and Liverpool needed him most.

Option 3. Move to America

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Then there's a third and perhaps most interesting option in terms of a different lifestyle and outlook all together.

Gerrard has been linked with a move to Major League Soccer for some time now. Back in January he was linked in the Sunday People, more recently the Daily Mail linked a move to Toronto FC, while this week the New York Red Bulls—who have lost marquee player Thierry Henry—are linked with a move by talkSPORT.

What's clear is that Gerrard would shine in the American league. A league which, from next season, will sport new sides New York City FC and Orlando SC, featuring Lampard, David Villa and Kaka. A year later, David Beckham's franchise joins the league. Gerrard would be the face of the growing league.

His commercial deal with Adidas would certainly approve, with the German manufacturer being the kit provider for the whole of MLS. Additionally, his wife and family may enjoy the lifestyle the Beckham's enjoyed in California during his time at LA Galaxy—another club who could eye Gerrard following the retirement of their "designated player" Landon Donovan this season.

Decision

There's certainly a lot to consider for the Liverpool legend. Does he feel he still has a point to prove in England and with Liverpool? Is he exhausted from carrying the club for so many years and now seeks a new challenge, environment and lifestyle—either in Europe or America?

There is one more option, though, which combines two of the above; there is no reason why Gerrard couldn't play another year at Liverpool then make the move to MLS, perhaps as the face of Beckham's franchise in 2016, when Gerrard will be almost 36.

Perhaps the next few weeks, with the busy festive period ahead and next week's crucial Champions League tie with Basel, will give Gerrard some clarity.