Its a tricky issue taking the armband off your captain, especially one such as Gerrard. He is a captain in every sense of the word, local lad, here since he was in short pants, has performed super human feats playing the role of 'captain fantastic'.
There are many reasons for keeping him in the role.
On the flipside however he will find his involvement limited over the coming seasons be it by injury or simply a case of his career easing down and it has to be moved on eventually. Stevie can become 'club captain' and a younger player gets given the more involved job of being captain. It worked ok when Hyypia passed it on to Gerrard. We still had Sami's leadership as well as the new young brave captain looking to lead by example and step up to the mark.
Who would I give it to? Despite my user name I dont think Pepe would make a good captain simply down to the fact that he's a 'keeper. I'd give it to Agger if he wasnt so injury prone, but he is, and so my 2nd choice would be Lucas. He's focused, driven, a team player and very much able to be the managers' mouthpeice on the pitch imo. It may also give him that extra bit of authority etc to step up his game. He captained Gremio from a young age, he's a leader who never hides, and is here for the foreseeable. Lucas gets my vote.
But its probably a season or two away from happening that being said, and a lot can change.