The Milton Keynes-based outfit have been the dominant force in F1 in recent years, but are facing significant pressure to retain their crown this season.
Max Verstappen continues to hold first position in the drivers' championship, but the Dutchman has been some way off his dominant best, while team-mate Sergio Perez has suffered a dramatic drop-off in form.
Their ongoing struggles have opened the door for the likes of McLaren, who - spearheaded by Lando Norris and Oscar Piastri - have emerged as this season's surprise package.
Krack remains upbeat on progress
Further down the order sit Aston Martin, who despite having high hopes for the 2024 campaign, have endured a dismal season.
The British outfit finished fifth in last year's championship, but given their substantial improvements on their 2022 performance, seemed set to challenge the top of the order this time around.
Despite boasting the talents of former world champion Fernando Alonso, the team have collected just 73 points, and are indeed closer to Visa Cash App RB in sixth than Mercedes above them.
Speaking to The Mirror, team principal Mike Krack compared his team's predicament to that of a footballing minnow attempting to make waves in the Champions League, Europe's premier competition.
Citing German side Union Berlin - who qualified for the lucrative tournament just two years after earning promotion to the top flight before flirting with relegation the following season - as a similar example, the 52-year-old reaffirmed his belief that his team are making progress.
"If you take the podiums out of last year and you zoom out on the project, you say: 'Wow, this is proper progress'," he said.
"But when you factor in what really happened, and this is partly not even within our control, you create an expectation level that's difficult to manage and sustain.
"In all metrics that we have, the team has made progress - except the points. It's something that you have to be realistic about and you cannot influence what your competitors are doing.
"[Union Berlin] was the example we were discussing. Six months ago we discussed exactly that example.
"I said next year will be difficult because you cannot expect to start like that, and now in many interviews that I have, it's really [portrayed as] a step back.
"But it's not - as a team we have really progressed, but we have not the points we had last year. This is the reality and you're measured on that."