So first of all, there are two main competitions: driver standings (individual) and constructor’s standings (team). Each team has two drivers and there are 10 teams total.
Mercedes is far an away the top team. Lewis Hamilton is their #1 and far, far ahead of anyone else in the points standings. Valterri Bottas is their #2, and usually on the podium. They are also leading the constructor’s standings by quite a bit. Not really a challenge.
Ferrari is the #2 team, their drivers are Charles LeClerc (young guy, first year with Ferrari) and Sebastian Vettel (been around for a while, raced for several teams). Vettel has typically been a challenger to Hamilton, however he is having a rough year especially the last few races. LeClerc is the young stud on the circuit, and bumped another veteran Kimi Raikkonen off the Ferrari spot this year. LeClerc has also won the last 2 races (his first two career wins). Absolute alpha.
Aston Martin Red Bull is the #3 team, their drivers are Max Verstappen and Alexander Albon. Verstappen is #3 in the drivers standings and another young stud - however LeClerc is right on his ass and Red Bull has kind of been messing around lately opting to go to a new engine spec early which gave their team a penalty the last race (starting at back of grid). Albon is also a baby and just starting to cut his teeth, but folks are high on him.
The other teams mostly suck and compete for 4th best. McClaren holds that spot right now very narrowly over Reanult. Renault is interesting because they poached Daniel Ricciardo from Red Bull this season, he pretty much used to be the Max Verstappen of the series, but now he is just in a shittier car and 8th overall. Pierre Gasly for Toro Rosso (also owned by Red Bull) is the next up and comer and I could see him moving to a bigger team (realized I literally just confused Gasly for Albon due to Red Bull flip flopping them this year).