I think Manchester City will still become the champion. After the failure, they are likely to be quite active again in the transfer market and will be more balanced along the lines this season.
Many players left City already and Pep's decision and signings during this transfer window will go a long way to decide the fate of the mystery blue this season. It not just about strategy but having the right team that matches the strategy and can also deliver the expected outcome of the strategy. Let's see the outcome of the transfer market then it will much easier to decide what the season will be like for them.