I think there's 2 things happening concurrently. Firstly the chaos of Covid is having an equalising effect on the league. Secondly, the wider trend is for the league to become more balanced. 4 of the top 6 had already fallen way, City looked to be shaking last season and Liverpool are now joining them. Like lots of big orgs, over time you spend money less well, and then you are often more hit by turbulence. I think they are massivdly panicked by the no fans thing.
Anyway it's worth pointing these out, as many of the "experts" on football not only didn't see either coming, but when it was put to them rejected the entire premise that this could feasibly even happen, with a completely unwarranted disdain. To them the "top 6" (but actually 1-4, 6 and 9th in the league would be more apt) wiuld just magically take their place again. It's worth noting that, when they try and re-assert their idiocy again.
A lot of people see us as not even being ble to compete for the top 4. I see the opposite. Aston Villa could win the league this season. It sounds mad, as it probably id when people said Leicester could, but Aston Villa could do it. I'm not saying they will but they could. If they could, so could we.
None of those top teams have got into any kind of firm going into European football, which is going to exacerbate problems for them.
It feels like it did when Leicester won it. The top 6 went out and appointed Conte, Mourinho, Pep and Klopp to arrest that decline. They were all a big upgrade on te previous managers. I don't think such upgrades exist now. A top manager, a Pep or a Klopp is not leaving their job to go to United or Chelsea. I am not sure Ancelotti would go either.