If winning the league becomes a problem for Pep Guardiola going into the Champions League has always been his compensation for the season. Without the 5th slot giving to Premier League side Manchester City was doing what's best for them to qualify. However, now it is more certain they may qualify as there are 5 slots hopefully Aston Villa or Chelsea will join them. Currently Aston Villa is outperforming Chelsea and Manchester City. They look more promising this season to qualify against all odds.
For the Premier League title issue for Man City, it is impossible for them to achieve it because they now have a fairly large number of points difference from Liverpool. The hope that can be pursued is how Man City can qualify for the Champions League with the availability of slots for next season, but if they are unable to perform consistently, then that opportunity will also be difficult for them to achieve.
Man City's position is in sixth place in the standings and they are below Newcastle United who are in fifth place and Newcastle also still have one game in hand, so competing with them is a must, even though the points difference between some teams is quite close.