I thinking re-building is a tad rash, but were going to need to be patient this time. If he gets us into the CL, it'll be a huge achievement. It's no good still saying that should never be the target for LFC, but everything's changed now, mostly money, and city and chelsea will spend big every summer. We'll need to take a place from Arsenal or Spurs.
I guess he'll already be deciding who's to be given a chance next year, Carrol/Downing?, and who to get rid of and make way for his own choices/free up some cash - Adam/Kuyt/Maxi. It depends how much he has to spend and who fits into his style.
Short-term he'll hopefully sell a few deadwood and be given money for 2 quality players, as well as making sure the likes of Suarez stay put.
I don't think we can expect newcastle type signings immediately, especially with the Euros signings will be tough.
Hopefully he'll promote some youth but he won't have seen them play yet son that too will take time. Fingers crossed he'll be able to implement an effective, passing game quickly and get the best out of some very under-performing players.
Intersted to see how spurs do this summer having no CL next year, and Arsenal if/when RVP goes.