Chelsea is not a champions League title contender because they don't have the squad depth to do that as their players are young and inexperienced I know that most Chelsea fans are carried away by their recent success but that should not deceive them.
I think it is too early to exclude Chelsea from the UCL title competition. At least, we must take a look first of few early matches in UCL. If Chelsea can get positive results in UCL league matches, why don't expect them to compete for the title? However, usually we are talking about the chance of winning the title when the UCL reaches the quarter or semi final round. In this stage, we can see which team to have a bigger chance.