How about 3rd and a CL QF versus 6th and a League Cup, FA Cup, Europa League treble? (The Gerard Houillier Special)
To be fair, I'd take 6th and the cups.
You get the shit treble but you STILL get Champions League qualification from it.
So we shut everyone up about needing trophies and then we shut everyone up about needing CL qualification as we do it via the cup win anyway.