Liverpool discovered their fate for the last 16 of the Champions League and beyond after their position in the bracket was locked in, setting up a potential semi-final vs. Real Madrid.Arne Slot‘s side finished first in the competition’s new-look league phase and their reward was a last 16 tie against Paris Saint-Germain.The two teams will now meet in a two-legged tie for a place in the quarter-final, with Anfield to host the second leg on March 11/12 – dates will be confirmed in due course.Friday’s draw however did not only determine the Reds’ fate for the next round, but also their route to the final in Munich on May 31. Liverpool’s full Champions League bracketQuarter-final: Club Brugge or Aston VillaSemi-final: Real Madrid/Atletico Madrid or PSV Eindhoven/ArsenalThe new format for the competition sees teams placed into a position in a bracket, rather than subsequent random draws all the way to the semi-final.It means a potential route can be mapped out by being in either the silver half of the bracket, or the blue. Liverpool were placed in the silver half.By being drawn against PSG in the last 16, Liverpool are on a collision course with Club Brugge or Aston Villa in the quarter-finals and potentially Real Madrid, Atletico Madrid, PSV or Arsenal in the semi-final.The Reds, however, cannot meet the likes of Barcelona or Bayern Munich until the final in Munich as they are on the opposite side of the bracket.If Slot’s side progress, they will play at Anfield in the first leg of the quarter-final and the second leg of the semi-final. They would also be the designated home side for the final. Key datesLast 16 first leg (A): March 4/5Last 16 second leg (H): March 11/12Quarter-final first leg (H): April 8/9Quarter-final second leg (A): April 15/16Semi-final first leg (A): April 29/30Semi-final second leg (H): May 6/7Final: May 31 (Munich)