If Barca stop fucking around then we really should be the favorites. But EV's decision making is a huge question mark holding us back and we still have weak areas in the squad.
Also Liverpool are dark horses IMO. They looked really great last year, Salah is an X factor which makes a difference in tournament settings, and they just revamped their entire midfield from Henderson/Milner to Naby Keita/Fabinho which could be huge.
City as well if Pep stops bottling it in the CL should be big contenders.
Peps football has been found out, any top team can beat that style.