As you know from your working experience, you will often get trigger events that will cause quite acute difficulties. Missing out on top 4 was going to be one of them. Next season it won't be as acute for them if they miss out (working to the premise all revenues streams return to standard, which of course they may not) but it would still be a trigger point. I'm not sure a business in the sector of football can run to a wage bill of £325/330 (and in all likelihood far greater once they extensions are done) and not have CL every season.
That is not just CL wages, that is the sorts of wages only teams owned by extremely generous shareholders can underwrite (indeed it is even well beyond PSG and Chelsea levels). Barcelona, another club not owned by such a shareholder (and far far bigger than Liverpool will ever be) are seemingly bankrupt from some reports, from having a wage bill that currently sits at 390m. That is with CL guaranteed every year as well. I don't think missing out is an option for them.
The problem is, they play in England. Manchester United are just commercially a far bigger draw than them and have piles of cash. Then City/Chelsea have shareholders who are willing and able to invest more than them. While they finished 2 points ahead of Chelsea last season, that was only because Chelsea prioritised the CL win. Chelsea and United overtook them last season on the field.
They seem quite stable to finish in the top 4, but they are paying more capital at ever depreciating returns as their players now get older. Once players get over about 28 they start to decline in performance. That's an awful lot of their squad now. Why is Mane, aged 29 going to kick back into form, with a season having the AFCON in the middle of it? Etc etc. It's funny, as an aside Marx talks a bit about this in relation to machinery costs in Kapital, that business plough ever more money into machines, but the output depreciates over time. It's a bit of a structural trap.
A lot of them seemed to think that CL qualification was going to herald some massive expansion in sales. It wasn't. CL qualification just keeps the plates spinning. The wage bill means there is no money to spend. When the horrors of last years accounts filter through, this austerity for them will likely continue for some time. I mean you can believe me, or you can believe the idiots who support them who told you they were definitely signing Mbappe in 2018, 2019 & 2020 and are apparently going to sign Messi this summer. I honestly wish it was a trading market, as I would just take the other side every time and would be a very wealthy man now. That would be my financial advice too, find what they say, and just take the opposite side and see how you're overwhelmingly correct.