Not great, but not nearly as bad as some seem to think. Two things to bear in mind:
1) Carlsberg aren't necessarily stiffing us. Sponsorship is worth more to AIG, Samsung and Emirates, for example, because they're global brands. Carlsberg is more of a European brand. As such, we won't get more money from Carlsberg - the only option, therefore, is to find another sponsor.
2) Man U, Chelsea, Spurs and Arsenal are all on longer-term deals than us which are naturally more lucrative. If we wanted to go with a global brand (sony, say) they would no doubt stipulate a similarly long-term deal. Liverpool will be unwilling to enter into this because we'll hope to sign a combined shirt-stadium sponsorship deal when the new stadium's built. Hence the three-year contract.
3) We have just trebled our sponsorship revenue.
So, not perfect, but not totally shit.