Liverpool capitulated in the final 11 minutes of Monday's clash at Selhurst Park to put Manchester City firmly in the driving seat for the Premier League title and severely dent their own chances of winning a first English top-flight crown since 1990.
Joe Allen, Daniel Sturridge and Luis Suarez all found the net to give Brendan Rodgers' men a 3-0 lead, but Palace launched an incredible fightback in the closing stages, Damien Delaney pulling one back before a double from substitute Dwight Gayle ensured a share of the spoils.
And former centre-back Carragher, who retired last season after a 16-year senior career with the Merseyside club, was quick to place the blame at the feet of Liverpool's defenders for the collapse.
"Defensively they're not up to being Premier League champions," television pundit Carragher said on Sky Sports.
"(Centre-back Mamadou) Sakho makes you nervous. They always concede together. It's not good enough.
"That final 20 minutes was unacceptable. They concede too many goals.
"The back four and defensive side of this team have shown they can't cope with pressure. They're not leaders.
"You can't keep inviting pressure. They got out of jail at Norwich (in a 3-2 win) the other week and haven't learned their lesson; It's gone on and on over the past few months.
"Well tonight they haven't and have thrown away the Premier League title."
The draw leaves Liverpool a point clear of City at the top, but Manuel Pellegrini's men will go two points ahead if they win their game in hand against Aston Villa on Wednesday.
Liverpool's final game of the season comes on Sunday versus Newcastle United, while City will look to wrap up a second title in three seasons at the Etihad Stadium by beating West Ham.
