Lot of people undermined Madrid with their squad in CL and LaLiga last season too but they came out as a winner but they showed great spirit and became champions of both. Madrid are strong candidates in my opinion. Barca are also a strong candidates but I have my slight doubts still.
Doubts about Barcelona are still rooted in their financial condition while for Madrid they are clearly very benefited now because apart from their abundant finances, the strength of their team is still above average which makes them seem too strong for some teams in La Liga.
Now it's just a matter of seeing how serious Barcelona are in their finances so that they can navigate La Liga without any obstacles and become competitors to Real Madrid because otherwise they will still be the same as the previous season.