They're still favourites for 4th for me just because they have a shit ton of end product in the team and even under Ole they've always shown an ability to go on runs that got them 2nd last year. We're counting on a bunch of 20yr olds while Spurs haven't really looked a good team for a long time beyond spurts where Son and Kane are on fire.
But this is a team that was expected to challenge for the title at the start of the season, rightly so given the amount of money invested in this team in fees and wages. But it's never going to happen with this team, Ralf and probably not even Conte would have been able to make them look like a potential title challenger this season, any transformation will at the very least require some adjustment, but I'm hoping they've actually reached the end of a cycle and now require a large overhaul.