#5 Liverpool

Players In: Naby Keita, Fabinho, Xherdan Shaqiri, Alisson Becker, Isaac Christie-Davies
Players Out: Emre Can, Jon Flanagan, Yan Dhanda, Danny Ward
Whilst it could be argued that Liverpool have had probably one of the best transfer windows in some time, I still don't think they'll get further than 5th place. Keita and Fabinho will certainly strengthen the midfield, with Shaqiri out occupying the flanks, too. Alisson Becker will be a rock in goal, so that Liverpool fans will no longer have to watch Karius and Mignolet make blunder after blunder. But aside from that, it's the same old Liverpool.
The Reds might have reached 4th last season, but I can't see them surpassing the other top teams who have developed just as much, if not more, than Liverpool in the past few years. Every season is the same: they'll fend off the clubs destined for mid-table obscurity or those battling to survive, but then fall short against the top sides they so often compare themselves to.
Emre Can's departure will also affect Liverpool, I think. Whilst Fabinho and Keita have been brought in to replace him, the Premier League experience that Can had always kept him in good stead. Keita and Fabinho are new and may take some time to settle. Only time will tell what happens, though.