The battle for the remaining two Champions League places is likely to be contested by Valencia, who finished 25 points adrift of Real in third spot last May, Atletico Madrid and Sevilla.
Europa League winners Atletico look to be the strongest of the three.
They have managed to hang on to leading strikers Diego Forlan and Sergio Aguero and have reinforced their Achilles heel, the defence, by signing Uruguay's Diego Godin and Brazilian full back Felipe Luis.
King's Cup holders Sevilla have also kept the core of their squad but the surprise failure to qualify for the Champions League group stage could spark a fire sale before the end of the transfer window.
Coach Antonio Alvarez has not convinced Sevilla fans, and much like Valencia's Unai Emery, will be in the spotlight early in the campaign if his team have a poor start.
Emery steered Valencia into the Champions League this season only to have his two leading players Villa and David Silva sold to finance the club's crippling debts. Their replacements have been brought in on a shoestring budget.
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