Liverpool was left searching for explanations at Wembley, having comprehensively failed to find the answers to a more clinical, combative Newcastle side. Virgil van Dijk has dismissed one theory, but a former Reds star disagrees with the captain.
Without wishing to diminish Newcastle's achievement, Eddie Howe's side didn't even need to do too much to get past Liverpool, who looked nothing like a side on track to clear 90 points in the Premier League. The game only even threatened to turn into a contest once Arne Slot turned in desperation to his supporting cast.
Few would have been betting on the lesser-spotted Federico Chiesa to get on the score-sheet. Harvey Elliott, who registered the inch-perfect assist, has only featured marginally more often this season.
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There are parallels to this same stage last season, where Jurgen Klopp won the Carabao Cup by turning to his youngsters and fringe players. But that was ultimately delaying the inevitable, as the senior group hit a collective wall that derailed the remainder of the campaign.
So fatigue, in one form or another, is surely the answer to why Liverpool could only muster such a half-hearted effort at retaining the trophy. But Van Dijk denied that the Reds were still feeling the effects of a gruelling 120 minutes at Anfield in midweek.
Liverpool exited the Champions League at the hands of PSG, going all the way to penalties and losing in what was surely the worst-case scenario. From the moment the players sunk to the turf, there were fears about the implications for the trip to Wembley.
Van Dijk brushed off the excuse, but John Barnes has said that the PSG game must have played its part. He admits he saw something in the Carabao Cup final that was entirely new to him:
"Liverpool are normally a very physical side who normally outrun, outfight, outmuscle teams," Barnes told PokerScout. "And Newcastle did that to Liverpool which I've never seen before.
"I think that the Paris Saint-Germain game took a lot out of them, but it was not only a disappointing result, but a disappointing performance because you have to say Newcastle deserved it. They created more chances.
"Now normally in football you can't tell what's going to happen. If you look at Paris Saint-Germain in Liverpool's first leg, Liverpool won but Paris Saint-Germain dominated.
"I'd expect Liverpool to dominate against Newcastle and while they're dominating possession, Newcastle created the better chances. It was a disappointing performance and obviously a disappointing result."
Barnes went on to say that if anyone was going to beat Liverpool, he was glad it was Newcastle, another of his former clubs. In victory, the Magpies ended a decades-long wait for a trophy.
In that context, it's easy to say that Newcastle simply wanted it more. That, of course, would be an altogether more worrying explanation than fatigue.
But Liverpool did not look short of determination — the players have been coming out second-best in more and more duels over the course of the last few weeks, a trend which is surely physical rather than mental. Van Dijk might not want to admit it, but the team does appear to be running out of steam.
However, that can't be traced back to one tough game like the PSG match, so perhaps Barnes isn't quite right either. It's the consequence of pushing hard on multiple fronts over the course of many months, with much the same group that has already dug deep numerous times under Klopp.
Fortunately, Van Dijk and his side have already done enough to earn a brilliant position in the Premier League, something which deserves a huge amount of credit. Even a flagging Liverpool should have what it takes to see this over the line — but Slot must use the summer to ensure his squad has the support it needs to go even further next season.
