Biggest challenge here is the Europa league, statistically it has proved a massive Handicap & only one team (spurs 2015) have finished in the top 4 while competing in the Europa league. Whether you adopt the "play the reserves" policy or not, it always hampers teams. Looking at a 2015 article on the BBC it suggested a 7 point handicap.
City
Liverpool
Spurs
Man United
Chelsea
Arsenal