In as much as Guardiola is still with Manchester city, always expect them to be the favourites to win the league. You will only count Manchester city out when Guardiola takes a bow out of the club. There's going to be just a little difference from what happened last season.
Guardiola is a coach who does not want to stay with a club if he sees that he and his players already hit limits and start their journey in downside. He is smart and wants to leave a club at the highest point and does not want to be sacked or forced to leave the club with drama and massive criticisms on his bad coach management.
Throughout his coach career so far from Barcelona to Bayern Munich, he has the same decisions for his departure and I believe he will do the same with Manchester City. Soon in next one or three seasons, we will get his announcement to leave this club. He is a good quality mark that can help Manchester City to win more Premier League but it's natural that no club, no national team can maintain domination forever.
The difference could be from Liverpool this season. Despite the beautiful start from Slot, I'm yet to trust him. He broke a record about newly employed coaches , hope he could continue with this pace but I doubt, he will drop especially when injuries come knocking.
Slot can do his job well but to beat Guardiola and Manchester City is another thing. Like Arteta can have very impressive management in Arsenal but in last two seasons, he failed to beat Guardiola and Manchester City. If Slot can win Premier League in his first season with Liverpool and also his first experience in Premier League, it's magic.