Elden Ring is amazing, there's no denying that. It's probably the pinnacle for hardcore gamers. There were definitely flaws like unfriendly user interface, I think it was also a game that severely chooses players (just like any other Fromsoft games). I think the only chance any game would compete against the GOTY spot would be Bayonetta 3. Every Bayonetta game thus far has been critically acclaimed and loved by fans. The only thing that is holding back is probably the sales. Depending on how well Bayo 3 sells and made, it has a good chance. Hogwarts Legacy also looks promising, but I honestly don't think it's GOTY level judging from the trailers.
I guarantee you its not going to be game of the year, its not popular enough, not to mention its exclusive to switch and will have poor sales. Unless its way better than bayonetta 2 then it has no chance. Even then, to beat elden ring or forbidden west is going to be difficult, elden ring has the reviews, sales, multiplatform, forbidden west has the graphics, storyline, voice acting.
In my opinion game of the year will be God of war ragnarok. It will have the graphics, voice acting, animations, sales, critic and fans reviews, and the previous one was highly regarded, so I am positive it has a big chance to beat elden ring, but then again, elden ring had the involvement of GRR Martin so it would make sense for it to win, the name alone will look good on the news associated with gaming, which would be good for gaming as a media for the future.
Then again we have Starfield, another contender.
So in my opinion only 3 contenders for GOTY - Ragnarok, Starfield, Elden Ring