It's based on other's opinion. I prefer to replace PSG with real madrid. Bayern must also be placed under real madrid. I do know that the leave from benzema has been decreasing confidence from people to pick madrid as favorite club to win the league.
In my opinion if we are also missing, serie a club from the list. I will prefer to put intermilan on the list but that' based on the bookmakers' favorite list.
I consider Manchester City to be favorites. There have been a lot of changes within all the big and renowned teams. Only Manchester City hasn't changed much. They lost Gundogan. But Guardiola won't have too much trouble finding a suitable replacement for Gundogan. Real Madrid and PSG, on the other hand, have lost the best strikers in their squads. Bayern Munich's situation is not stable yet. And so till now, the Manchester City team is in the best position.
In contrast to Manchester city which already has permanent players without the need for other reliable players and quite a few players for defense.
I'm not surprised if it's true that this season and next season will belong to Manchester city.