Everton's heavy defeat by Newcastle on Thursday left them two points from safety with five games to goIt has been one of the closest relegation battles in years.
With only a handful of games left of a unique season, there are still nine sides who will be feeling at least some trepidation about ending the campaign in the bottom three.
For some, a year in the Championship would offer a chance to rebuild, like Burnley have, and bounce back to the top flight in a far stronger position.
For others, losing their Premier League status could be disastrous.
We asked BBC experts across the clubs in the bottom half of the table for their verdict on what relegation might mean for those at risk of the drop.
'Value would be greatly reduced' - the clubs almost in the clear
Crystal Palace - Alex Howell, BBC Sport
Since Roy Hodgson has returned, the threat of relegation has pretty much disappeared, with three wins and a draw from five games in charge.
Relegation would have been a disaster for everyone at Selhurst Park, which is why they replaced former boss Patrick Vieira.
Staying up would give Palace a chance to hold on to talisman Wilfried Zaha, who is out of contract this summer - and there is no chance he would stay if the club were in the Championship.
The club has been successful in signing some of the most exciting young players in the country, such as Eberechi Eze and Michael Olise, and recruiting such calibre would be more difficult if they dropped to the second tier.
There have also been long-term plans for redeveloping the stadium, with finances put aside. A stint in the Championship would have pushed this down the list, so Hodgson's work has helped with future stability too.
Wolves - Mike Taylor, BBC Radio WM
If it all goes wrong for Wolves, there would be some upheaval, certainly, but it is hard to imagine the club becoming unstable in the way others might.
The club's owners, the giant Chinese conglomerate Fosun, have experience of what it takes to move from the Championship to the Premier League, and surely understand the financial implications should their asset drop back out.
They have made much of the importance of the Wolves 'brand' to their business. Whether they weigh the value of the club in pure cash terms or as a sort of totem for the wider business, that value would be greatly reduced without Premier League status.
They would surely make reasonable efforts to recover it, rather than allow their investment to wither.
Bournemouth - Kris Temple, BBC Radio Solent
Firstly, under Premier League rules it would mean only two years of parachute payments (instead of three), after only one season back in the top division. But, given the takeover in recent months by American businessman Bill Foley, the financial hit for the club would not be as damaging as previously.
It would certainly be a blow to Foley and the club's ambitious plans for a new stadium, as well as other forward-thinking ideas, all of which are envisaged for the Premier League not the Championship.
And it would likely see the departure of key midfielder Jefferson Lerma, who stayed after relegation last time but is out of contract this summer. With a season of Premier League experience, other younger stars would also attract interest.
The club would also have to decide whether head coach Gary O'Neil - in his first job, with only 12 months on his current deal - was the right man to attempt a promotion challenge.
'The club needs a reset whether they stay up or go down' - those on the fringes
West Ham - Simon Stone, BBC Sport
Relegation for West Ham would not only be unexpected - the club finished in the top seven under David Moyes in the past two seasons and then spent £160m in the current campaign - it would also be expensive, for both the club and the London taxpayer.
In addition to the massive loss in TV income, West Ham's current rent of £2.5m per annum to play at London Stadium would be halved.
Then there is a question mark over Daniel Kretinsky's involvement.
The Czech businessman is the owner of Sparta Prague and bought a 27% stake in West Ham in 2021. It was thought that would be a prelude to a full takeover, once David Sullivan and former co-chairman David Gold were free from a clause that meant part of any sale had to be paid to LLDC, the organisation that runs the Olympic Park.
That initial stake is the subject of a legal case but it is far from certain Kretinsky would want to complete the deal if West Ham were relegated to the Championship.
Leeds - Adam Pope, BBC Radio Leeds
Relegation would be exasperating for supporters and affect the expansion of the club, but it would probably not be as catastrophic as in 2004.
Leeds are not saddled with the same unmanageable debt that saw former chairman Ken Bates eventually plunge them into administration. The latest accounts show an operating loss of £34m on a record turnover of £189m.
As things stand, majority takeover by the San Francisco 49ers is expected should the club stay in the Premier League. Relegation may not prevent that but the decrease in revenues could hamper plans to develop Elland Road to a 60,000 capacity.
It is unlikely head coach Javi Gracia would stay and players would be sold. Wilfried Gnonto, Illan Meslier, Jack Harrison and Tyler Adams would likely chase top-level football, while contributing to a wage bill that stands at £121m.
Leeds' ability to make an immediate return would depend on who comes in to manage experienced heads such as Luke Ayling and Liam Cooper and develop youngsters such as Joe Gelhardt and Charlie Cresswell, along with emerging talents Archie Gray and Darko Gyabi.
Regardless, the club needs a reset whether it goes up or down.
Nottingham Forest - Charlie Slater, East Midlands Today
Given Nottingham Forest fans had to wait 23 years for their return to the Premier League, an immediate exit would undoubtedly be devastating - though it would not perhaps crush their spirit indefinitely.
This club is backed by the owner, the fans, the city and Steve Cooper. Should the worst happen there would, again, be a groundswell of support from many fans in favour of their Welsh head coach, who would be a near unanimous choice to remain in post - and the man to rebuild.
Some of the big names would inevitably leave and there would be a turnover of players. But there would also be a quiet confidence Forest would return to the Premier League at the first opportunity, better prepared for the rigours of the top flight and capable of not just surviving but competing on a weekly basis.
'An icy chill through the bones' - those in the bottom three
Leicester - Owynn Palmer-Atkin, BBC Radio Leicester
Relegation for Leicester City would mark an end to a significant era and would undo all the hard work that made them the envy of the rest of English football, outside the top six.
If the Foxes don't beat the drop, they will likely say goodbye to a number of first-team players who are either out of contract or entering their final year, creating a huge gap in the squad with limited cash to fund a huge rebuild.
That could include James Maddison, Youri Tielemans, Ricardo, Kelechi Iheanacho and more. Losing such talent could even set the club back more than 10 years, to a time before Nigel Pearson built a successful Championship-winning side.
Everton - Mike Hughes, BBC Radio Merseyside
The prospect of relegation sends an icy chill through the bones of the Everton faithful.
Only Arsenal have had a longer uninterrupted spell in English football's top flight and it would be a blemish on the body of a club with an illustrious footballing tradition.
If it came about, it would lead to a destabilising period of player turnover and all at a time when their fantastic new stadium at Bramley Moore is rising impressively on the north docks.
For these reasons and a million more, Sean Dyche and the Everton players have to make sure that it simply does not happen. They have five games to salvage their season. Those given the honour of wearing the royal blue jerseys in this vital period of the club's history must show bravery, determination and resilience to preserve the Blues' status.
Relegation for Everton would be disastrous - but it's worth bearing in mind that relegation was disastrous for Manchester City in 1996.
It was also disastrous for Newcastle twice in 2009 and 2016.
It is undoubtedly an unbearable prospect. But it doesn't mean terminal decline.
Southampton - Adam Blackmore, BBC Radio Solent
Financially, the impact of relegation for Saints would be largely mitigated by parachute payments, the sale of some senior players and through the financial commitment from owners Sports Republic.
But the biggest impact would be on the club's model of buying top young talent from around the world, and developing it to make big profits in the future.
Players of similar ability to Romeo Lavia or Armel Bella-Kotchap will not want to come to Saints to play in the Championship, you would suspect.
The only upside to that is the Saints academy players may get more of a chance to push towards the first team, rather than see the club bring in talented 18 and 19-year-olds from other clubs.
Relegation for Saints would also impact the calibre of manager they can attract in the summer.
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