I think the first two, and even arguable about second. Look at title winning squads of Real Madrid under Ancelotti. Squad depth = check. Tactics? None lol. And look at PSG winning Ligue 1 (during Mbappe time). Squad depth = check. Tactics? None.
These teams won everything with depth and talent. But they were opened up big time when they actually played teams with tactics.
Barca = financial stability, ZERO. We still won La Liga.
PSG already have deep squad and their success last season proves it so well but defending titles especially big and hard to win title like UEFA Champions League is very difficult. In Champions League history, only Real Madrid succeeded to defend their crown and PSG will be a second champion can defend their title. I believe PSG are able to go very far in Champions League but to win this title again, it won't be too easily not only for PSG but for any club. They might win it again, but not in a next season and they can win it like how Chelsea did it in two different seasons that far with each other in time.
Mbappe was a big issue of PSG as with him, their squad lacked of proactive defense contributions from him, and let's review this difference between Mbappe (seasons ago) and Dembele (last season).
In coming season things are going to be challenging for many clubs because few have the good number of changes and few are going into ground after losing their top tier players this is interesting PSG is still had good depth which will help them for having their name into history books.
I am also expecting them to have another win in coming season, but few clubs are going to create good problems for them which will surely create good entertainment for fans Real Madrid have new coach and Liverpool is having too many changes Barcelona is surely tough challenger.
Look like Mbappé is again going to be live without any trophy in this coming season because their chances are looking not good for Champions League.