How long must Liverpool put up with such mediocrity?
The Reds' 1-1 draw with FC Basel last night - which knocked them out of the Champions League - was the latest in a long line of disappointments this campaign.
And Nicol thinks Liverpool will have no option but to sack Rodgers if their troubles continue.
"If things don't change then ultimately Brendan will pay the price," Nicol told talkSPORT.
“If this team keeps performing the way it is, I don’t think they will have any other option [but to sack Rodgers].
"We are not even halfway through the season yet and I’m guessing most people don’t expect Liverpool to get into the top four.
“We will find a lot out in the transfer window. He has spent a lot of money and the question will be, are the Fenway Group going to back him in the transfer window? If they don’t, that tells you he has only got the second part of the season to at least get the performances better."