We will challenge for the title. Just not this season anymore, we will challenge again when we move into our new stadium. Our next season will be much tougher than this.
It's not only about the League. Chelsea don't have international games. Woolwich and City will crash and burn by the end February. Liverpool crashed last month. Us and United may gain just a few points on Chelsea, depending on the players we put out in the EL.
It's no coincidence that PL champions go out early in international and cup competitions. There is too much football played in England. Let's compare:
City 11/12: Out in 3rd round of the FA Cup, out in the round of last 16 in EL
United 12/13: Out in last 8 of the FA Cup, out in the round of last 16 in CL
City 13/14: Out in last 8 of the FA Cup, out in the round of last 16 in CL
Chelsea 14/15: Out in the 4th round of the FA Cup, out in the round of last 16 in CL
Leicester 15/16: Out in the 3rd round of the FA Cup, no international competition
Remember, all but Leicester have enough money to attract decent players who will accept a role on the bench.
For us, the league title is gone. I'd be very happy to win the EL (I personally prefer it to the FA Cup), but I'm not too sure if we are that far yet. Our B team just doesn't seem strong enough.
Yes, we could still aim for the title, but it'd just end in bitter disappointment just as did last year. No reason for that. Title. is. gone.