Looks like the competition will be more exciting. But maybe it will be more bad for madrid and barca. Because they lost dominance.
Exciting or not this season depends on who views it, it is very subjective. For Real Madrid and Barcelona fans, this season must be not really interesting with the current squad of those teams. To be honest, as a Real Madrid fan, I don't expect much that Real Madrid can win the title of big competitions such as UCL and La Liga trophy. I suspect Barcelona fans probably think the same as me. While Atletico Madrid fans, should feel happy with the weakening of the Real Madrid and Barcelona squads. 
Atlético Madrid is increasingly favorite as a candidate for title but I hope this is only temporary
Yep, Atlético Madrid looks like to defend La Liga title if Real Madrid and Barcelona cannot improve their performance. Atletico squad seems almost the same as the previous season. So, they don't get difficulties adapting to the current competition. While Real and Barcelona lose some key players and cannot find proper players as replacements.