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So far as Manchester City have Pep Guardiola they still have the chance to win the Champions League next season, Pep Guardiola is the main engine box for the Victory of Manchester City in Champions League this season. Pep Guardiola is a coach that understands how to win trophies and how to use players to get what he wants. I know Manchester City does not have much experience when it comes to Champions League but they have a coach who is capable of making a squad to be tough to win competition.
Next season Manchester City will still remain one of the best team in the Champions League, but it won't be very easy for them because teams like Bayern Munich and Real Madrid will improve and to do better than what they did in the concluded Champions League. No doubt that Manchester City is a strong team, but it was so possible for them to win the league because of the poor performance of Real Madrid and Bayern Munich.
After Pep Guardiola managed to win the first Champions League title for Manchester City in history, I'm sure he will get more and more support to build a stronger team. Manchester City's owners were so pleased with the achievement that they even invited him to the palace for the celebrations, so naturally Pep Guardiola will have plenty of support from him.
Pep Guardiola can make Manchester City have a flashy history in Europe if he can defend the Champions League title next season, but I'm sure the Champions League competition will be even stronger next season. I don't want to say Real Madrid are very strong without Benzema, so they won't be more favorites than Manchester City next season.