I think it is true that JOL is under presure. He ha a strong squad and really should have done better with it. I too find it hard to believe that Spurs will have a lot to spend and I can see Villa being the one club to challenge the top 4. Don't get me wrong I think Spurs could do it as well, just not with JOL, he had his chance. Everton is not going to get stronger, same goes for Bolton and Reading (2'nd year is tough). Portsmouth have a good sqaud but needs to build and they will find it hard to get players others want as well so Harry needs to use some of his old magic, can't really see them getting much better. Newcastle could get better if they get Big Sam, but I don't think they have to much money. City are a mess - the same goes for the rest. Sunderland could be a surprice package.
So in short I see Spurs and Villa as the major contenders, but Spurs seem to have lost the momentum and Villa are just gearing up all the time.