Yes, but at the cost of any chance of winning the Premiership. Liverpool will suffer physically in the same way that clubs entering the Intertoto Cup do.
UEFA are so bloody unbelievable! You have to start from the 1st round qualifying, so you'll have to travel to the ends of the Earth in mid July. Liverpool are champions of Europe, so how can they be the LOWEST ranked English team? I know Fenerbache would have conplained for losing their automatic place to Liverpool, but they would have had to play in the 3rd round qualifying had the rules been as they should anyway. And did Fenerbache win the Champions League - No.
Then if you make it through, you have to share the money with the other English teams ==> EXCUSE ME, but since Liverpool are EUROPEAN champions, thus they defeated all of Europe, surely UEFA should share the debt across the 32 teams in the first round who ALL failed to prevent them from winning? Instead, the other four will suffer financially for having DEFEATED Liverpool in the Premiership??? On this note, surely the four clubs; Chelsea, Man U, Arsenal, Everton, should seek legal action for loss of revenue/defaulting on contract etc?
And also, eventually the England World Cup team will suffer because Gerrard and Carragher will be knackered by the end of the season, whether they have a month to recover or overwise.