If Torres and Gerrard stay and remain injury free, and if Roy does the obvious with the rest of the side - I.e, sell Masher for £30M, bring in a cheaper replacement; buy a LB and LW, then we should finish in the CL spaces, IMO, and could even push for third.
So much depends upon our superstars.
If they leave or are injured then it's going to be a long, hard season. Hopefully our new super Aussie Doctor can make all the difference, because we're shit when they're not around. Really, really shit.
Hodgson should be given more slack if we suffer an injury crisis again, though, because he hasn't built this squad, and there's so many holes in it that he will not be able to fill them all this summer.