Manchester City chances of becoming title contenders this season have been closed and the only target they can still achieve is of course to end the season in the UCL zone although it is also quite difficult, this season they have also had a bad run in the UCL and I think even to qualify for the round of 16 is also difficult for them because they are will facing Madrid in the playoffs, their slump this season is a surprise to us after their back-to-back league titles, but like you, I also think that they will bounce back next season for become Premier League title contenders again, because Guardiola will certainly get a huge financial backing to rebuild his squad next season.
In the start of season things were looking good but in middle of season Manchester City have problems which give them setback now situation is still not as par their standard which is now getting worst and chances are almost ended for title race because 14 matches left and 15 points difference.
Now they needed to work on how to secure their 4th spot because it's also important for them otherwise things could be shameful Chelsea and Newcastle United both are giving their best for keeping themselves for have chance as well Citizens are doing good changes which will give them improvement. Champions League performance is also not ideal, but Pepe is well aware about problems and bringing suitable players which can increase their confidence and their performance could be also at their best level.