Carling Cup? Check. Now what's next?

The final whistle has blown. The epic encounter that was the Carling Cup final is over after 30 enthralling minutes of extra time and a penalty shootout that was just as exciting. Liverpool captain Steven Gerrard has lifted the League Cup, the champagne has been sprayed and the action analysed.

After the sheer burst of exhilaration and joy at finally winning another cup after six long, trophyless years, what, in the cold light of day, will the effect be of clinching the 2011/2012 Carling Cup?

Well, first it cannot be understated how good it is to win a trophy after such a long time in the footballing wilderness, no matter how undervalued that trophy may be. Since 2006, the last time Liverpool won a competition, the club has changed hands twice and has faced off-field turmoil that has irrefutably affected on-field performances and shaken the club to its core.

Fans understandably became more concerned with the club's balance books then the manager's team sheet, as the Reds' very existence was put in danger by two notorious conmen. During the reign of Hicks and Gillett the likelihood of winning a Cup or competing for a title was dramatically reduced as their debt began to escalate and things went from bad to worse on the pitch.

The fact that John W Henry and FSG have arrived and immediately stabilised the club's finances while investing significantly in the playing side is a cause for celebration in and of itself. The fact that, after just under 18 months, their labour is beginning to come to fruition and Liverpool are back winning trophies is both remarkable and enjoyable.

After travelling through the storm of the Hicks and Gillett era, we are beginning to enjoy the following golden sky promised by the words of Liverpool's famous anthem "You'll Never Walk Alone." Crucially, confidence could be garnered from this Carling Cup triumph that will provide the momentum to clinch Champions League qualification and earn the Reds a return visit to Wembley in the FA Cup.

Stoke City visit Anfield next up in the FA Cup and Liverpool are firm favourites to progress past the Potters and claim a semi-final tie at Wembley. In the League, meanwhile, the Merseysiders lie in seventh position, seven points behind fourth-placed Arsenal but with a game in hand on their competitors for that final Champions League spot.

The Gunners, who travel to Anfield on Saturday revitalised after recovering from 2-0 down to beat local rivals Tottenham 5-2, are an illustration of what could have happened to Liverpool had they suffered a giant killing at the hands of Cardiff in the Carling Cup final.

When Arsenal lost 2-1 to Birmingham in the 2010/2011 final the frustration was palpable as their barren spell without a trophy, which had lasted the same length of time as Liverpool's, continued. Wenger's side were consequently demoralised and their season quickly capitulated. Within a month they crashed out of the Champions League and FA Cup while their title challenge faltered irredeemably.

That parasitic virus of failure has persisted this season as well, with consecutive defeats away to AC Milan and Sunderland leaving Arsenal with only a top four finish left to fight for.

It is clear, therefore, that losing a Carling Cup final isn't simply a case of disappointingly missing out on the opportunity to place a 'Mickey-mouse' trophy in the cabinet. Situated so delicately in the footballing calendar, the Carling Cup final can be a determining factor in a team's season. It seems to boost the victor's confidence and generate momentum for the final run in at the business end of the season while simultaneously deflating the defeated side and leaving them with an uphill struggle.

They were worthy opponents and I hope to see Cardiff in the Premier League next season, but I won't at all be surprised if they now go on to struggle to achieve even a play-off position, particularly considering the cruel way in which they lost, repeatedly getting false confidence and then being punished by a Liverpool side packed with players with far more experience of big, high pressure contests.

Of course, Europa League football has also been secured by winning the Carling Cup and Liverpool should be pleased to have at least some form of European competition next season. However, the Reds must not settle for anything less than Champions League qualification. That must remain the goal and focus must be retained on obtaining as many points as possible in the League in order to make a sustained push for fourth spot.

Moreover, should we fail to finish in the top four then either the Europa League or the Carling Cup must be used as an opportunity for squad players and youngsters to get a game. It is simply not feasible to play strong starting elevens in four competitions, especially as the Europa League schedule is so gruelling. This season, because Dalglish's side have only participated in three tournaments, picking strong teams in all of those games has been practicable and, as a result, the Carling Cup has been won. However, the burden of games would not allow this if Liverpool only managed to qualify for the Europa League.

The hope amongst Liverpool fans is that this season could be similar to 2001/2002 when, after beating a Championship side on penalties in the League Cup final, the Reds went on to win the FA Cup, the UEFA Cup and claim Champions League qualification.

If that is the case then it's going to be a memorable season that will go down in the record books.

YNWA