With Real's current squad, I only appreciate their midfield and attack. As for the defense, which is a patchwork due to injuries, I'm worried about how they will perform in the near future if this transfer period they decide not to bring any central defender contracts.
Madrid is now in form and it now looks as if they have a better chance to win because for the past few weeks, they have been performing well and their attack is penetrating well and their defense as you said injuries have affected their defense system but even at that Madrid can not be underestimated, and currently in la liga Madrid is performing well so I don't see any reason to worry about them, and they don't even have any serious contenders in the champions league for now.
Real Madrid are quite confident with their options at the moment and it is unlikely they will undertake any transfer activity in the winter to add a defender. If later Real Madrid loses another defender due to injury, they still have several young players from the academy to overcome this. I understand it won't be strong enough but at least Ancelotti understands better what is needed on the pitch and if the coach wasn't Ancelotti it's possible that Real Madrid would have made an emergency transfer to overcome the lack of defenders.
if you should call out clubs that have the chance of winning real Madrid is theirs and even last season everyone had faith that Real Madrid might win something along the line, Manchester City won but this time around Manchester City won't be able to defend for the trophy this season. they might already be making plans to get a defender they might not disclose it for now but if they do get it will help the performance of the club. I hope they don't lose another defender because that will be very terrible and might seriously affect their performance when they begin to face stronger clubs. and the ones that are injured wish they come back to the team on time to keep the goalpost defended because of their experience.