Depends on how they perform in the transfer market. Fergie always strengthened the side especially when we were at the top to ensure the hunger among the squad and avoid any complacency . In 06/07, right after a title win after a long wait (yes, I know it was only 3 years), we immediately strengthened by signing Nani, Anderson, Hargreaves and Tevez. And we won the next 2 PL and reached 2 CL finals, winning one.
The other parallel to that is the Arsenal Invincibles side which performed poorly in the cup competitions but were exceptional, albeit somewhat lucky, in the PL. For whatever reason, they didn't make any blockbuster signings to take them to the next level.
If Liverpool show ambition, they can easily dominate the next season as well. City look bereft of leaders and all others are way off. But it is Liverpool themselves who can be their own undoing.