I think if they are able to buy a pure striker in this transfer window, that would be really good for them but other than that, they seem quite strong. The Semi-final draw might play an important role if they qualify. I think this season's CL is gonna be quite on even ground. As all of City, PSG, Real, Bayern look like very good teams.
The thing about this year's CL is that almost 4 or 5 teams are of the same strength. In previous years we used to see that RMA or Barca being the clean favourites to win the title.
So if Pep can use his tactics well enough each match and execute them well enough, I think City have a great chance to win. We all know that Pep is a good tactician and this is the year for him to flourish with City. City's team-game has also been very strong. As teams like RMA and Bayern are somewhat dependent on Benzema or Lewandowski, but City relies on the whole team which could give them an advantage.
I think there is more into winning the Champion's League than being a complete team, especially for a team that has never won any.
I still stubbornly think PSG and Manchester City will leave empty-handed in the UCL this season.
I think this season might be the season where one of PSG or City will win the cup. Not because they got better players this season, but because big giant teams like Barca or RMA got hugely nerfed this season as players like Messi, Griezmann, Sergio Ramos, Varane left their respective teams and they will suffer because of this.
On the other hand, City this season looks solid - teamwise and playstyle-wise. Their chemistry looks spot on and if Guardiola can lead them match by match, I think they have a greater chance.