This is quite an early call you are making here Real Madrid has lots of potential and I wouldn't get too distracted by some weaker performances. They have everything it needs to raise their performance level. Because simultaneously Manchester City isn't doing that great either. If we consider both Real Madrid and Manchester City, I don't think one team can be considered much better than the other. Maybe Arsenal will be among the biggest favorites and maybe Barcelona can as well increase their game quality over the coming months. Last season I was quite sure that Manchester City would win it as they have been so dominant most of the time, but it's different this season. It is much harder to give it a guess, but saying that Real Madrid is probably not one of the favorites doesn't quite right to me.