Liverpool: Brendan Rodgers says Premier League title bid is over.
The Reds, who have one match left, top the table by a point from Manchester City, but the Blues have a game in hand and a superior goal difference.
"There is no doubt Manchester City will go on and win it," said Rodgers.
"We needed to win to keep the pressure on going into the last game and we did not do that."
Liverpool had looked on course for victory as goals from Joe Allen, Daniel Sturridge and Luis Suarez gave them a 3-0 lead at Selhurst Park after 55 minutes.
That scoreline would have moved them three points clear of City, as well as reduce the latter's superior goal difference to plus six.
But Liverpool capitulated in the final 11 minutes as Damien Delaney and substitute Dwight Gayle scored, before Gayle equalised with two minutes to go.
The result means four points for City from their final two matches - at home to Aston Villa and West Ham - will all but seal the title.
"It is hugely disappointing," added Rodgers. "We were outstanding for 78 minutes, we got three goals and looked like we could get a few more, but to concede the three goals at the end was hugely disappointing.
"At half-time, we said that the most important thing was to win the game. It was not about Roy of the Rovers football to make up the goal difference, it was just about winning.
We e just did not manage the game at 3-0. We gave them a little sniff and they have some good players who can punish you. It is something we will improve on for next season."
Despite looking unlikely to end a 24-year wait for a league title, Liverpool have at least already secured a return to the Champions League.
They have not been involved in Europe's elite club competition since 2009, and Rodgers added: "I am incredibly proud and, when we have had time to reflect on this in the summer, we will see it has been an outstanding season for Liverpool.
"It does not take away the pain of now but we will look where we need to improve and continue to get better. We have made great strides but I am certainly here to fight and win titles and I will be relentless in that.
"We are trying to build something sustainable. This season has shown we will be capable of doing that.
"Next year I believe we will make more strides forward and hopefully we will be up there challenging again."
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