I currently think Liverpool can and probably will finish above Arsenal, though I think that might partially depend on who goes through this weekend and/or how they treat the competition. If either team just puts out a b team for this game or every game if they get through and ignore it then they have a better chance at the league. Arsenal have euro games but lets be honest, that is only two games. The moral hit from losing, the games around the two games and any injuries we pick up over a more busy period will determine what is likely to happen for the rest of our season. Busy and tough games then followed up by a very tough couple weeks in March. I just see us continuing to drop.
Pool have their best shot at the title this year than many years into the future, financially they can't afford the same kind of squads, no Euro has been huge for Liverpool this year and City/Chelsea are both building up with new managers, their improvements in form has been obvious throughout the season. Okay City are having a blip, have to see how long that lasts and how well Pellegrini deals with it. Next year City/Chelsea will be slightly more established with another summer/preseason to work on problems managers found in the year and for both managers to address their weakest spots. For City that will be another dynamic midfielder and probably a CB, Chelsea, maybe a fullback and real striker, both can afford to buy such players. Liverpool will almost certainly have Euro football and not huge amounts of cash to invest so this is their one chance for the next 3-4 years at least I would think.
Arsenal are going to screw it up, Wenger will buy the wrong players, buy someone like Draxler and want him to lead the line instead of Giroud maybe, won't get the defenders we desperately need and we won't have another lucky season injury wise again.
I think probably Chelsea, City, Pool, Arsenal, Spurs this year for top 5 in that order. Next year, probably switch pool/Arsenal around... a lot will depend on if Utd sack Moyes and who they get in. I think most top managers would do big business and get the team working pretty well pretty quickly and could well be in with a shout at top 4 straight away. If they stick with Moyes, I don't be on them being top 4 again next season.