Great move for Liverpool.
I think they have pretty legitimate shot at Top 4 this season. Although I'd love to see it happen, I have a hard time envisioning Palace, West Ham, or Leicester keeping pace over the long run. So, in relation to the more likely long run Top 4 contenders, Liverpool are just one point behind Everton and Spurs and, most critically, four points ahead of Chelsea. They also have a wacky fixture list in which they play all the most likely Top 4 contenders - Arsenal, United, Everton, Spurs, City, and Chelsea - away in the first half of the season and all of them at Anfield in the second half.
The upcoming fixture list is absolutely brutal (@Spurs, Soton, @Chelsea, Palace, @City) but if Klopp can take 7-8 points during that stretch - likely losing ground in the short term but hanging around - then they'll be very well positioned to go on a run afterward.