I don't know if this is just me but I feel like NA has become a lot less competitive since last challengers. There's a lot more good tier 1.5 teams (TSM, 100T, EG, Ghost, NRG, etc), but I feel like there aren't as many true top tier competitiors. I'm talking teams that could feasibly beat any other team and win a Masters event. Last challengers it felt like Optic, Guard, C9, and V1 could all do that, but now it feels like only Optic could beat the best of other regions. TGRD are in a slump, V1 fell off a cliff, and C9 has been looking a lot less competitive than before. I don't trust XSET, TSM, or NRG to be good enough on the international stage to make deep runs.
On the other side of things, EMEA is looking really strong with FPX and Fnatic leading the way (and potentially M3C if they continue to look better than their Guild game). And of course, Loud, PRX, DRX, and Zeta are still out there and hungry. Really excited to see what'll happen at Copenhagen, but I'm mildly worried about the competitiveness of NA teams going forward. Hoping to be proved wrong in playoffs.