Ligue 1 emerges as Europe’s most compelling league, with Monaco and Nice leading Paris Saint-Germain

Ligue 1 was not supposed to be one of Europe’s most competitive leagues this season.

Paris Saint-Germain’s Qatari takeover five years ago looked set to turn the French top flight into a glorified Scottish Premier League. But after the weekend’s shocking defeat to Guingamp, the Parisian giants have already lost more league games this season than they did all of last.

Against all odds, we look set for a three-way title race, in which the favorites are arguably neither PSG, not the surprise package Nice. Instead, it seems to be Monaco, the side currently sandwiched between the two, who are in pole position to become French champions for the first time since 2000. It would be quite the comeback story.

Just months after PSG’s takeover back in 2011, Monaco were themselves bankrolled by a billionaire: in their case, Russian businessman Dmitry Rybolovlev. Rather unsurprisingly, they subsequently spent big, and within two years had spent over €150 million ($156.03 million U.S.) on world class players like Colombian compatriots James Rodríguez and Radamel Falcao.

But unlike PSG’s project, it didn’t prove sustainable. There, rather unsurprisingly, aren’t many football fans in the wealthy Principality of Monaco, where around 30 percent of the population is made up of millionaires. Its glitzy Grand Prix is more of a draw than its football team, despite the success they enjoyed en route to a Champions League final in 2004.

The result was that their spending far outweighed their income: to this day, they average the lowest attendance of anyone in the French top flight. In a ground with a capacity of over 18,000, they often struggle to make 8,000. The introduction of Financial Fair Play regulations thus proved disastrous for the Monégasques, and star players were swiftly moved on through necessity rather than desire. Only Radamel Falcao and João Moutinho remain as relics to the lost hope of Monaco’s restoration to European contenders.

A return to the struggles of recent years, which included a run in France’s second tier, didn’t look beyond the realm of possibility. However, Monaco and Rybolovlev responded to what could have been a knockout blow in impressive fashion, setting about building a squad built for the long-term rather than immediate success.

The likes of Anthony Martial and Yannick Ferreira Carrasco were able to flourish in the first team before being moved on for big profits; Geoffrey Kondogbia, Layvin Kurzawa, and Aymen Abdennour are also on the illustrious list of players to depart the Principality over the last couple of years. The delicate touch of coach Leonardo Jardim, combined with smart scouting, has enabled them to remain a force despite such a transitory squad.

Though they lost to Lyon over the weekend, the makeup of their squad was an illustration of their excellent philosophy. The eldest player in their midfield four was the 21-year-old Brazilian, Fabinho, snapped up from Portuguese side Rio Ave last year. He’s since established himself as one of football’s top commodities, and was strongly linked with a move to Manchester United in the summer. His partners Tiemoué Bakayoko, Bernardo Silva, and Thomas Lemar all joined the club in 2014 or later, and all are still no older than 22.

Their oldest defender is 28-year-old Kamil Glik, whose acquisition from Torino for €11 million in the summer looks a smarter piece of business with each passing week. Indeed, the oldest outfielder in their starting lineup is striker Radamel Falcao, 30, who has redeemed himself with 10 goals in 12 appearances this season after a tough spell in England.

Of course, it is still too early to predict with confidence the title winner. France’s own Leicester City story came only in 2012, when Montpellier won their first and only title. It’s a reminder that we shouldn’t discount a Nice side that have little to lose, and an on-form Mario Balotelli up front. They’re also boosted by not having to balance the rigors of continental football with a title challenge.

Their 2-1 win over struggling Dijon this season was the 13th of the season; they’ve managed to bounce back from their only defeat, which came at Caen early last month. Under Lucien Favre, who demonstrated a knack for defensive coaching at Borussia Mönchengladbach, they’ve become exceptionally difficult to beat. They’re not going to roll over easily.

Similarly, it seems inevitable that PSG’s new coach Unai Emery will surely find the winning formula eventually: his spell at Sevilla suggests it’s a matter of when rather than if. Edinson Cavani has stepped up to the plate after the departure of his strike partner Zlatan Ibrahimović to Manchester United, and the likes of Ángel Di María and Marco Verratti scarcely need an introduction.

But for now, it’s Monaco who seem to have the happy compromise. What they lose to PSG in star quality they make up for in sheer momentum. What they lose to Nice in defensive solidity they make up for with a lethal attack. They have so far scored a remarkable 54 goals in the league: over 20 more than the next-best, and only three short of last season’s haul. They may have been forced to take the scenic route, but patience could yet pay for the Monégasques.