I don't argue that Chelsea is not the Chelsea of two years ago and probably, Manchester isn't as strong. But the league are 20 teams, and I'm not sure it's any weaker.
Parallel to this, we have the Spanish example. Barcelona is stronger than ever and I think they could put with no problems a 3-0 at home to Manchester United at the moment, they'd be insultingly superior as we speak. However, the Atleticos, the Deportivos, are a tad weaker, while the Aston Villas are stronger.
So when it comes to Liverpool, their direct rivals are not stronger, especially Chelsea. But the rest of the league being weaker? I don't think so. Well, I'm not sure, to be more precise.