Having this conversation isn't disrespectful or disparaging to Steven Gerrard. It's the sort of conversation most Clubs and most supporters would have about a 32 year old midfielder who no longer performs in the fashion he was once famed for.
His legacy cannot be disputed, he's a European Cup winner, he's been a phenomenal footballer, and when he hangs up his boots he will be right up there with the likes of Billy Liddell, Roger Hunt, Kenny Dalglish, and John Barnes as an all time Liverpool great. He's the iconic figure of Liverpool in the 21st century thus far and the previous decade 00-10 will be the one people associate with him.
However, that is sadly in the past. Due to injuries and father time he isn't the same force he once was. Playing as much football as he has from the age of 20, it would be impossible for him to have, especially considering his importance to Liverpool has seen him rushed back to first team action before his body was ready. But it is not to say he is a spent force, he's just not as influential, or as good as he once was. He still has that burst of magic in him (evidenced against Napoli and Everton) he will still score goals and win games for Liverpool. But he cannot be relied on, either for fitness or for monstrous performances.
Common sense would suggest we try to make the most of the genius he has left, make sure he only plays when fully fit, make sure he plays up the park where he will have an influence on proceedings, save him for certain matches, rest him for others. Build a squad that can fight and challenge without him, so that we don't grind to a halt in his absence (don't go loaning out players because they play in Gerrard's position) and that is enhanced in his presence.