Probably I think he realised what Liverpool can offer him and
what Chelsea can't.
Firstly, if he goes to Chelsea, he will not be the captain,
definitely. So even if they win the title, he will not be the first
person to lift it.
Secondly, I don't think he will be able to boss around in midfield
like in Liverpool. Lampard will not allow it. In Liverpool, he has
the right to do that because he knows that the fans will be behind
him.
Thirdly, I think Chelsea fans will love Lampard and Terry more than
him. He will be treated as just one of the players. But in
Liverpool, he is the king among the players.
Fourthly, even if Chelsea go on and win them all, he won't be
regarded as their legend. Probably just one of the players that
help Chelsea to win it. But if he were to win it, especially the
title, for Liverpool, he will be a legend, in fact the greatest
legend since he is born and bred in Liverpool, unlike Dalglish,
Souness or Rush.
So is it really worth it going to Chelsea for the sake of the title
(he is the one he desired since he has everything else), which he
might one day win with Liverpool, and a few more miserly money, and
sacrifice all the above?