It’s been a whirlwind of information in the past week or so, kicking off with a statement by Liverpool’s legendary captain Steven Gerrard regarding his contract with the club, which is set to end in the summer of 2015. Gerrard laid his views out, telling UK newspaper the Daily Telegraph that he fully intends to continue playing beyond summer 2015, and it was up to Liverpool whether or not that would be with the Merseyside club or not. It’s reported that the club has opened contract talks with the player, who will be able to speak with other clubs in January if a new contract isn’t negotiated by then.

So what should the club, and the player, do? Gerrard is the embodiment of everything about Liverpool, a legend who has seen some of the best and worst times that the club has ever seen. But many fans, even those who think the absolute best about Gerrard, will agree that the player is no longer at his best. Brendan Rodgers has tried to shoehorn the player into a variety of roles, but he has yet to find a spot in which the player truly shines in his advanced years. It’s understandably hard to drop a player who means so much to the club (and vice versa), but Brendan Rodgers has yet to do such a thing for more than a single match. The supposed “B squad” midfield against Real Madrid looked more composed and connected than the club has seen all season. Gerrard’s lack of pace and defensive acumen have been exposed many times, and it’s only a matter of time before another slip costs the club in a big way.

There are a variety of options: for the club to offer Gerrard a short term extension, for the player to leave for another Premier League club, or for him to go abroad. A contract extension seems most likely, but will the player ask for the same wages he’s currently on, or even more? Is it worth it for the club to continue to shell out a ton of wage money that could be used on new recruits, or to keep players like Raheem Sterling at the club? And does Gerrard want more than a year’s extension? This seems like risky business for the club, despite what Steven Gerrard has done for the club. As a fan himself, surely he would recognize that the club is better off without him after 2016 at the latest. So if Gerrard does indeed move to another club, what could or should he do? Another Premier League club is probably the best in terms of money and prestige, but where?

For a player who has been associated with the club for most of his life, how could he walk out of that Anfield tunnel in a kit that isn’t red? As for moving abroad, this seems like a less-than-ideal situation for the player and his family. If he were to move to Italy, Spain, or Germany, it’s unlikely that he would command a hefty contract at the top clubs in those leagues. If he were to be offered a move by, say, Real Madrid or Bayern Munich, it would be hard for him to pass up. The other option would be a big-money move to one of the “retirement” leagues: MLS, A-League, or the new ISL in India. These seem of the most likely sort, as Gerrard would surely be top dog at a club in any of these leagues. But again, moving his family like that seems less than ideal for a lifelong Scouser like Gerrard. But as a huge Gerrard fan and Seattle citizen, I’d relish the thought of Gerrard playing for the Sounders. But I won’t be holding my breath.

The best thing for all parties, I believe, is for Gerrard to get a one-year contract extension at Liverpool, creating essentially a year-long farewell to the club and fans. Rodgers should keep Gerrard as captain, but not start him in every match. For the club to progress, Gerrard will need to quietly step aside and assume a different role than he has for so long. This can help ease him out of the club as a player, and hopefully into a role as a coach or trainer. Gerrard will hopefully some day make a great manager, and seeing him coach in the academy or for the U-21’s would be a step in the right direction.