The (already slim) chances of a title challenge seem to be over now. We should still go for it, of course, but injuries have made it significantly harder.
We've got a decent cushion over the teams below us, which I have a feeling we might need over the next couple of months. Rotten luck really, I think we were/are better and with a deeper squad than many pundits credit us with, but the level of injuries (and that they all seem to be to midfielders) would cause severe problems for any team.
Anyway, CL qualification seems less of a certainty to me than it did at the start of this month. Beginning of January, I'd say 100% we're qualifying for the Champions League. Now? I think Liverpool, Chelsea, maybe Manchester United will start gaining ground on us. Hopefully we can get back to (close to) full strength before they catch us up. We, at near-full strength, are a bloody good team. With two thirds of our midfield out and Ollie & Big Emi carrying injuries, it looks more of a challenge.