It is definitely going to be a tough season for everyone and that includes Chelsea and Liverpool, although both teams has actually had a good transfer market and the market hasn't ended yet meaning that they can still get more players into their team.
I am still looking at Manchester city, arsenal and Manchester united this would be the teams to actually drag for the English premier league and I am still going for Manchester city to lift the league but it would be heavily contested.
Let’s wait for the league to fully commence, if possible when the league is already halfway through, then we can predict who’ll likely be the title winner. Just like you’ve said, the league title will be highly competitive and contested this season than the previous one. Just like the title contender and first four team to top the league for a the champions league spot will be contested, so is that of the Europa League spot too. So I expect to see a general competitive season throughout the upcoming premier league season.