The history books may record this result as a Leicester fightback - proving their decision to sack title-winning Claudio Ranieri to be a correct one.
But the truth is much simpler.
Liverpool were shocking.
In an up and down season for the reds this was surely one of the heaviest downs. The reds have had a 16 day break - thanks to their failures in both domestic cups in January - but it didn't help. The reds were second best, lacking fight, desire or basic football awareness. If this is what the effect of a winter break is like - no thanks.
The Liverpool players had talked tough in the pre match build up but for the overwhelming majority of this game they simply rolled over.
Jurgen Klopp recently celebrated 500 days in charge of Liverpool - it must raise some eyebrows that Lucas Leiva is still covering in central defence after all that time. Especially against Leicester - counter-attack specialists using the pace of Jamie Vardy. It was all so obvious what was going to happen.
Adam Lallana celebrated his new extended Liverpool contract with a throughly insipid display and although Coutinho did grab Liverpool's consolation goal - his performance was way below average. Jordan Henderson had been ruled out in the hours preceding kick off but his inclusion could have hardly made much difference to this shambles.
Leicester hadn't scored a Premier League goal in 2017. After 40 minutes against Liverpool they had two.
Vardy put them ahead getting on the end of a long pass, beating Lucas with pace and firing past Mignolet.
Before half time Danny Drinkwater made it two. A long thrown in from Leicester was headed poorly out to Drinkwater who under no pressure had the time to tee up his volley.
There was no huge fightback from Liverpool in the second half and Vardy added his second to make it 3-0 in the 60th minute, heading in a Christian Fuchs cross.
Liverpool's sorry state of affairs was probably summed up with 6 minutes remaining. 3-1 down at Leicester, out of position Lucas Leiva is replaced by 17 year old Ben Woodburn who has a handful of appearances to his name - all this from the 9th richest club in European football.
Not to worry though - because our new training facility will have 6 extra football pitches.
On the first day of the year the reds were 16 points ahead of Everton - that gap is now down to 5 points. Never mind top four - if Liverpool carry on like this they won't make the top six.