First off, I think most teams have a shot to win it this year (a bit of a stretch for the CN teams but anything could happen) and this list will be nitpicky for some of the better teams.
BUT ANYWAYS.
TH: Closing out. In Madrid, they got knocked out in two games to SEN and PRX. In Shanghai, they made a lower bracket run all the way to the Grand Finals, where they couldn't close out GENG and got a combined 7 rounds through the final 2 maps while being one map away from lifting the trophy. In the EMEA playoffs, they couldn't beat Vitality in two separate matchups and genuinely looked awful in the Bo5 they played. Teams will have those VODs to look through and try to replicate, and with the level of teams here, multiple teams will be able to attack the weaknesses that TH showed.
FNC: Left behind. On paper, this team should be incredible. They were the best team of 2023, and returned the same roster heading into this year. But something has just gone wrong with this team. Their only international wins this year are against BLG and a 2-1 win over KRU. This, coming from the team that won 2 tournaments last year is just unacceptable. The whole Hiro/Leo situation hasn't strongly changed my opinion on the team(Except why is Alfa on breach on Sunset ik he's flexible but that seems odd and that KRU game did not inspire confidence), but FNC just doesn't seem to be able to make it happen, whatever the block is I just do not see them winning Champs.
DRX: Lack of experience. This is a relatively young roster, and their veterans are just experienced losers. (Sorry maKo my goat). They are a good team regionally, and looked lights out against FNC, but could never get past GENG, and now have to play the team that just steamrolled GENG in the first round. Is GENG just a bad matchup, or are they outmatched? I lean towards the former, but either way, I just don't see them beating the better teams in this tournament. (This makes little sense after the FNC game but it's just a gut feeling)
SEN: Inconsistency. This team has looked like one of the best teams in the world during around 70% of what we've seen of them from the offseason until now. But that other 30% has been pretty awful. Since Masters Madrid, this team has been unable to maintain any level of success. If they are able to maintain the form they showed in the second GENG game, then they are a team to be feared, but given how the regular season went for this team, that is a massive "if".
G2: Lack of a superstar. G2 has great team play and discipline, and none of their players can be considered a large liability. However, you need a guy to help push you through games when that team play or calling isn't at 100%, and I'm not convinced that G2 has that guy. Leaf is a very solid player, but can he or anyone on the rest of the team lift them up when things go wrong against the best teams in the world?
LEV: Choking/IGL'ing. Kingg can frag, but his IGL skills will have to be better against this level of competition. LEV doesn't have the benefit of being on the same side of the bracket as the CN teams, and will need to win 2 matches against FNC, G2, or TH in order to get anywhere in this tournament. All this for a team that has looked anything but impressive on the international stage, even getting upset by Trace in the group stages of this very tournament. I don't think that a team with superstar power but a weakness in teamwork and discipline will be able to make a deep run and I wouldn't be shocked if LEV goes out with 1 or 0 wins.
EDG: Lack of macro-play. EDG is very strong individually, and has the firepower to make some upsets, as has been shown in previous tournaments. But nothing I've seen from them gives me confidence that they can win matches against teams with similar levels of firepower who also have strong calling and mid-rounding. I don't see the CN teams winning any games against the teams from other regions, but it would be awesome to be proven wrong.
TE: Worse than the rest. Trace shocked everyone by upsetting LEV and VIT to make it to playoffs, but I don't know if they have the stuff to compete with the top teams. Admittedly I don't watch a lot of CN val, but could the team that is 0-9 in maps against EDG this year first beat them, and then make a run against the rest of the field? I don't believe it yet.