Many competitors? I only see 2 competitors (Arsenal and Tottenham).
I'm not sure if Man City will have the highest chance to win the title. To be considered the favorite to win EPL title, Man City should defeat the competitors first when they have the big matches (against Tottenham on matchday 7, against Arsenal on matchday 12). If Man City can defeat them, I believe Man City will be the favorite to win EPL title again this season.
While discussing the top contenders for this season's Premier League, I agree with you that Arsenal and Tottenham are among the top contenders, but we must also consider how Manchester United is attempting to showcase their own team work; Manchester United is the only team to have defeated Arsenal, and they have only lost their first two opening matches; I believe they are now strong enough to be title contenders as well, if their recent form continues.