My take would be that it’s almost done, but also this is the point where Liverpool have one last chance to present him with a comparable offer or play the “we couldn’t/wouldn’t match what Madrid were offering” card.
Until he actually informs the club he’s leaving, then it’s not done.
It wouldn’t be the first time someone’s changed their mind at the last minute - Mbappe did it the last time Madrid thought they had him.
I’d still be disappointed he left, nothing to do with not getting a transfer fee or him being a local lad, just simply because we’re losing one of the best players in the world for his position.
How much we miss him depends entirely on his replacement.
I’d also still look at it as paying Trent £300k+ a week and giving him a 5 year contract is much the same in basic numbers as signing someone for £50m and giving them a 5 year deal on £100k a week. (Without going into the detail of employment costs, agent fees, bonus structures, etc).