They had been openly wooing Bellingham for years. I think it's pretty clear that, despite the reports about LFC wanting to instead spread the money around multiple players, that he simply picked Madrid over Liverpool.I wonder what would’ve happened with Bellingham if they knew Henderson and Fabinho were leaving at the end of the season. My guess is they would’ve been right in there.
I just don’t think they wanted to pay so much for Lavia. They kept try to find Southhampton's breaking point. Once that got too high over their valuation, they probably decided to check in on Caicedo and go for it.
Also once Madrid is in the game Bellingham really would've had to prefer Liverpool. He's on like 250k per week wages at Madrid. The only player on LFC that makes more than that is Salah. So it's not just the 100M transfer fee, you're upending your entire wage structure because how are Alexander-Arnold/Van Dijk/Allison/etc. going to feel about playing on a team where a teenager is making 100k more per week than you are?