The Reds finished in fourth place in the Premier League table to secure a Champions League spot for the second successive season.
Liverpool FC ended up 25 points adrift of Premier League champions Manchester City to highlight the gap between the two clubs.
The Merseyside outfit reached the Champions League final after victories over FC Porto, Manchester City and AS Roma in the knockout stage.
Liverpool FC lost 3-1 to Real Madrid in the Champions League final in Kiev following goals from Karim Benzema and Gareth Bale.
The Reds have never won the Premier League title but finished in second place in 2002, 2009 and 2014 under three different managers.
Liverpool FC’s best finish under current boss Jurgen Klopp is fourth spot to highlight the gap between the two teams.
Former England international Waddle believes Klopp needs five summer signings to transform his squad into title contenders.
“Liverpool need players. He needs to add. He needs five signings,” Waddle told BBC Radio 5 Live.
Liverpool FC have finished in fourth place in consecutive seasons under Klopp to ensure their continued participation in the Champions League.
The Reds signed Virgil van Dijk in a club record £75m deal from Southampton in the January transfer window.
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