Gerrard was brilliant when he was available, so you have to have him on the list.
Carroll's transer fee was no doubt too high, but you can't judge his performance based only on that. Also, remember it was mostly funded by the sale of Torres which Liverpool than needed to buy a striker quick to replace him. Carroll towards the end of the season was one of Liverpool's better players compared to the rest of the team, so I think he deserves that. He is still young, and I think he will get better. Carroll also had almost no service from the midfield or wings. A big CF whose main strength is heading the ball without wingers is almost useless. Not his fault that Downing can't hit the broadside of a barn with a cross.
We'll have to see what happens next year with the new manager. We did at least win a cup and reached the FA Cup final.