There were times during the last five years when Rafael Benitez was widely regarded as the best manager in world football, inspiring his team to exceed expectations and tactically outmanoeuvring the likes of Chelsea and Real Madrid. He could do no wrong and even the great Jose Mourinho could not get the better of him.

Back in 2005 and 2007, as Liverpool reached two European finals in three years, it was hard to envision an anticlimactic ending to Benitez’s spell at Anfield. When he and the club parted company by mutual consent last week, the curtain came down on a period in Liverpool’s history that was exhilarating and frustrating in equal measure. There were so many steps forward and backward that you could not blame supporters for wondering where they now stand.

At the centre of the club’s fluctuating fortunes was Benitez’s love affair with the Champions League. He arrived on Merseyside in 2004 having won La Liga and the UEFA Cup with Valencia – and set about securing the one major trophy missing from his resume. On countless occasions, his decisions indicated that he was willing to sacrifice Premier League points to keep his players fresh for European action. Questionable substitutions and squad rotations were giveaway signs.

Such was his brilliance in plotting the demise of opponents in Europe that Liverpool overcame the odds and won the competition in 2005 with a squad that might be among the least talented on paper to ever achieve this feat. But Benitez’s thirst for Champions League glory could not be quenched so easily and, if anything, he pined for European success all the more.

This led to some thrilling nights, including victories over Juventus, Chelsea and Real Madrid, as Liverpool morphed into an aggressive, ruthless animal. Anfield was more electric and hostile than in recent memory and supporters were harking back to the great Liverpool teams of years gone by. A second leg at Anfield was just about the last thing opponents wished for as the draws for the knockout rounds took place.

But with those unforgettable, emotional European wins came some shambolic league displays. Time and again, the passion on show in midweek would be sadly lacking at the weekend and it was not until the 2008/09 season that Liverpool actually put together a credible title challenge. Benitez’s priorities – right or wrong – meant a lot of eggs went into the Champions League basket.

Take 2005 for instance. It will forever be remembered as the year Liverpool stunned AC Milan in Istanbul, recovering from a 3-0 half-time deficit. The fact that Benitez guided the Reds to an underwhelming fifth place league finish – behind rivals Everton – was understandably overlooked. They lost 14 Premier League games that season.

And, when the Reds returned to the Champions League final in 2007, Benitez was the hero again, even after AC Milan avenged their loss from two years earlier in a game in which, in constrast to Istanbul, Liverpool had the better of. That year, Liverpool finished third in the Premier League but lost 10 games and ended up an enormous 21 points behind champions Manchester United. However, with the off-the-charts glamour of the Champions League, few supporters were complaining, especially when Fernando Torres was added to the mix.

But things did not look quite so rosy when the European gamble failed to pay off. With limited interest being shown in mounting a solid title challenge, Benitez’s plans were hit by a hammer blow in 2006 with a shock Round of 16 exit at the hands of Benfica. He lifted the FA Cup that year but his team was not equipped with the squad depth needed to win the title. Similarly, after a heartbreaking semi-final loss to Chelsea in Europe in 2008, the Reds limped to fourth place in the league, 11 points off the pace.

One of the most puzzling elements of Benitez’s track record in England was how the same manager could out-think and at times embarrass some of the most respected managers in world football in midweek yet follow that up a week later with a loss against a Premier League minnow. Whether he and his players underestimated their league opponents or simply knew less about them is unclear, but the results, apart from the 2008/09 campaign with the Spaniard well and truly let his attack off the leash, were hugely disappointing.

And so judging Benitez’s time at Anfield largely depends on a person’s perspective. All will agree that his final season in charge was a disaster, but contrasting opinions can be found regarding his overall reign. Some claim the thrills of the European runs were worth the Premier League pain and that they would not swap the Champions League win for a league title. After all, the likes of Arsene Wenger yearn for the kind of European night Benitez enjoyed in 2005. It is regarded as the toughest club competition in world football and Benitez led Liverpool to the final twice in three years.

But since that fine run to the final in Athens in 2007, the Reds have faltered and Benitez has struck out numerous times in the transfer market, making costly errors on the likes of Robbie Keane, Alberto Aquilani and Andrea Dossena to name just three. And it is the worrying state of the squad he leaves behind that leads some to conclude that, with all things considered, Benitez failed at Anfield.

Make no mistake, the future does not look rosy for Liverpool, but only so much of the blame can be laid at Benitez’s door: The Spaniard had the unfortunate luck to work with new owners who could not back him to the level required in the transfer market and plunged the club into turmoil off the pitch. However, while he weighs up his next move – possibly taking over at Inter, a sign of how highly regarded he remains on the continent – his former employers have countless questions to answer. The debts, the uncertain ownership situation and the growing possibility that Torres and Steven Gerrard could leave the club amount to a major headache.

In all the post mortems, it should not be forgotten that Benitez revived Liverpool when things were threatening to turn sour in 2004, ensured continued Champions League football at Anfield and was the brains behind the best night of most supporters’ lives in 2005. Unfortunately for the Reds, the setbacks endured both on and off the pitch over the past few years mean it may be some time before Liverpool are once again crowned kings of Europe.