[MENTION=928]AnfieldEd[/MENTION] I think 4 are elite. Barcelona, Real, Bayern and Atletico. There is just no way Atletico is not elite (if by 3 elite you meant no Atletico in there). If anything, Bayern is the 4th best team in the world after the Spanish 3. No surprise they were eliminated by Real, Barcelona and Atletico, and just weeks ago they lost to Atletico again.
As for the Premier League, yea, it is ultra competitive. And I feel that the level is growing as well, so there is more of a gap now between the very good teams in the league (those for me are City, Arsenal, Chelsea and Liverpool) and the poorer teams like WBA, Sunderland and so on.
Arsenal has reached peak level in maturity and have made a top top signing with Mustafi. Just what they needed. They have arguably 2 of the best 5 attacking players in the league with Sanchez and Ozil. Big threat this season, if they don't find a way to shoot themselves in the foot like we very well know they can. But this season they have the best team since the Henry days.
United won't get top 4. They are the big team that is the farthest behind in terms of having a clear gameplan. You can tell what City are playing, what Arsenal are playing, or Liverpool, or Chelsea (who is getting back that strong defense and cutting edge counter style), or even Tottenham. Not United though, nobody knows what they are trying to do.