I don't see Real Madrid as the certain favourite for now either. Apart from that it is still too early to make this kind of predictions. I mean we don't know how strong Real Madrid are going to play this time and whether Barcelona will keep up the good work also. It is seen that Barcelona have improved themselves very much of course. Except these teams I don't expect Atletico Madrid or another different team to become the champions. I just don't feel like it will happen. We would see a race between Barcelona and Real Madrid.
Hm doesn't this sound like Deja vu considering at the beginning of last season in La Liga and Champions League they were doubtful and not even seeded 
I still believe in the strength of the money and the gameplay they are playing at the moment especially they have made progress by improving the midfield and defense for next season.
I think it's too naive to say that Madrid are not the favourites at the moment.