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Athletic Bilbao will most likely not be able to disrupt the competition for the trophy that has been formed, they appear to be competing for a Champions League spot. In terms of tradition, Barcelona and Real Madrid are clearly the two trophy contenders each season, but now Atletico presence in the competition cannot be underestimated. So far, Atletico has suffered the fewest losses, although on the other hand, they have drawn too many matches. But that indicates that they are much better this season, therefore I think Atletico also has an equal chance of winning the trophy.
The competition between these three teams for the trophy seems to be going to be tight until the end of the season, therefore it is difficult to predict who among them will come out as the winner. It would not be surprising if Real Madrid managed to defend the trophy, nor would it be surprising if Barcelona managed to win it this season, because both teams are used to winning it.
A Champions League spot seems to be in reach for them, but Villareal has one game less than Athletic and if they win it, it is only one point ahead of Villareal. But still being in this position after 26 games is a positive result I guess and they would have taken it like this pre-season. As for the title, Bilbao would need to play a perfect 12 out of 12 games now and even then I don't think it would be sufficient to win La Liga. Barcelona is having another run and Bilbao is still playing most of the big games against Real Madrid, against Barcelona and then also against Villareal. Both scenarios are possible and while there is something to win for them if they qualify for the Champions League, they could also still lose a lot. But 10 points ahead of Real Betis should give them enough of an advantage to make sure they end up at least in the Europa League for next season.