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Without money and time, every club has the potential to join Liecester City in the Championship caste (Degradation). Arsenal and Man United are the strongest challengers next season for Man City under the auspices of Pep Guardiola, because I think Liverpool and Chelsea are in the transitional stage of squad rejuvenation. Surprises could come from Newcastle as an unexpected challenger like Liecester in 2016, but Arsenal and Arteta next season will be very tough.
Everything will be answered with performances when the EPL and UCL officially roll around, who is consistent until the end and achieves victory has the right to bring home a trophy, money to recruit players and coaches while time to foster a winning mentality.
I agree that Manchester United and Arsenal are two challengers that Manchester City will be uncomfortable with. The positive development that Manchester United experienced last season has made me confident that this team will be even better next season. Ten Hag has done his best and created more optimism about the future of the team, but to achieve success I think we just have to be patient.
It's very difficult to stop Manchester City's dominance as the favorites in the Premier League, but it's always possible when the other teams play in earnest and with the right strategy. Next season Manchester United already has Onana, so I hope their defense will get better, especially in terms of the number of goals conceded.