AMG is going to be the class-leading PU. especially with the higher compression ratio they will run. While some believe this means Mercedes will walk away with the Constructor's Championship and George Russel the WDC, I think McLaren is going to be the favorite to repeat both titles.
The Red Bull Powertrains-Ford PU will also benefit from this and it is said to be designed to be very "drivable" which is something Max seems excited about. And hopefully this means Isack will be able to perform to a higher level, as well.
The higher compression ratio the AMG and RBPTF PUs can run are said to be worth around three-tenths of a lap advantage and this should be a not-insignificant advantage during qualifying (similar to the "party mode" engine mappings of old).
The FIA's "Additional Development and Upgrade Opportunities" (ADUO) rule will likely come into play to try and bring the engines back towards general parity, but it will remain to be seen how this will happen. Do they allow Ferrari, Honda and Audi to have higher fuel flow rates? And if they do allow higher fuel-flow rates, does that mean those cars need to carry more fuel with the performance deficit thereof? Perhaps they instead "de-tune" the AMG and RBPT-F PUs by restricting their fuel flow rates?
I expect Adrian Newey to wield his usual magic and the AMR26 being one of, if not the, best chassis from an aerodynamic perspective. While not to the level of the AMG PU, the Honda PU should be strong. Hopefully this will allow Fernando to start scoring wins and/or regularly making podiums. And if it does, will this finally allow Lance to raise his game and start consistently finishing in the top ten? Because with ARAMCO, Honda and Adrian Newey now having ownership stakes in the team, Lawrence is not going to be able to protect his son for long if he is continuing to struggle to get out of Q1.
Ferrari is a mystery to me at the moment. They say the SF-26 is an "all new" chassis, but the SF-25 was also significantly new and it was a general disaster. And even if both the chassis and engine are much-improved over their 2025 counterparts, unless they also significantly improve their race strategy, it could all be for naught.
As to the "mid-team", I expect Racing Bulls to impress along with Williams. Haas will hopefully continue to improve with Toyota's input and Alpine will finally have a decent engine to go with what is believed to have been a fairly decent chassis.
Audi and Cadillac will likely make up the rear. Audi has the benefit of years preparing for their entrance and inheritance of a much-improved Sauber team under their ownership. Cadillac is hampered by lack of staff, but GM is willing to spend right up to the cap to move the program forward and they are throwing money around in an effort to poach staff from other teams and fill out their roster.