Yeah, Subo will almost certainly start. I have him too and I also had him last year

Quite amazing you were able to get such a team with only 131. 5m! It looks great, but one thing I'd definitely change though is the strikeforce. Sell a couple of players (perhaps some of the bench warmers and one other striker) and get Messi. I promise you, he's going to have a great season again. You might want to keep track on Suárez' appeal as well. He's only €12m and could be a definite purchase when the second TW starts mid-November.

Now about your players:
Handanovic is a safe bet, he'll gather somewhere between 200-300 pts this year. But for 8m, I'd rather get Weidenfeller and sell Ciro Immobile (so you can fit in Messi too).
I had the same three defenders (plus four others!) as you, but decided to sell Laporte because I quite simply had too many defenders. Subo is a great call, he's undoubtedly a must-have player this year at 3m. Höwedes is great for 5m too, and Laporte most likely will be worth his 7m price tag as well.
The midfield looks excellent, but I think I'd rather get someone like De Bruyne than Calhanoglu. He's also a bit cheaper. James might be the revelation of the season like Hazard and Mata were two years ago, but he might also be overrated a bit with his stunning World Cup (in which I considered him a must-have player since I knew he'd do great, and he was one of the key players that won me the 1st spot). Ramsey and Silva are good solid choices.
For the attack I'd swap out Immobile as I said before. Ramos, Immobile and Aubameyang are all good players and it won't be unlikely only one of them plays at the same time. I also invest heavily in star players always, so getting a super-striker like Messi who guarantees you 500-700 points (times two if you star him) a year even when injured. Griezmann and Huntelaar are great purchases though.

Siquiera is another key player to get. I have both him and Alderweireld from Atlético, though I might go for Oblak instead of Alderweireld if his price is reasonable when Matt puts him in the game. Ander is a very good player, but I don't know if he'll be able to justify his 8. 5m price tag compared to some other options out there for the same price. I think I'd rather have Januzaj then, but I might be biased Suso, I'm not sure about. Will he play enough to warrant spending €5. 5m on? Destro and especially Gómez are good choices though. Gómez, if he stays fit, will be a real bargain.

As manager, I'd replace Allegri for Guardiola. Pep is only 3m more and most likely will get you 200 pts more by the end of the year.

Good luck mate

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Actually I am not at all overemphasizing Pep's achievements or exaggerating Barca's problems. Barca was in mid-table in the the middle of the season. After winning the Champions league Barca didn't win anything for the next two years which usually is a big deal at a big club like Barca. During Pep's first year, there weren't many teams who had answers for his style. There is no reason to believe Capello would somehow miraculously figure out what to do vs Pep's dream team within his first year where everyone else failed. Pep's methods have been studied vigorously by every manager out there which is why he struggles much more now than in his initial years.

Its also not fair to compare Ancelotti's current team with the current Barca and draw parallels with Barca 5 years ago. During Pep's years, Barca was the best defensive team in Europe and now they don't have a defence to speak of. I am not saying that Ancelotti hasn't done a good job with Madrid, but he inherited a very strong team which was under development for around 5 years and has made great replacements in the past few years. Meanwhile, Barca has been making terrible transfer decisions for the past 3 years, not to mention aging and general loss of motivation which has made the team very weak. All of this has led to decay from within. If Madrid has put Ancelotti in charge instead of Mourinho, he would have suffered a similar fate.

Mourinho had a terrible record vs Barca during their peak years. Mourinho actually started beating Barca when they were also losing to teams like Milan which was related to general team weakness. People bring up the losses to Inter and Chelsea as examples of great defensive tactics vs Barca's system. Firstly, parking the bus works vs every team. Secondly, both the games were prime examples of the vagaries of any sport. Inter was very very lucky with ref decisions. I know Barca has gotten lucky as well, but what I'm saying is, it happens in sport. The game vs Chelsea was a funny one. Chelsea were passengers in that game. Barca opened them up all game and were up 2-0 when Pep's desire to keep scoring bit him in the ass. Even then Barca won a penalty and Messi missed. We hit the bar, skied shots in front of the goal, while Chelsea were just standing around the box. Again, it happens in sport but that wasn't a result of coaching genius by RDM or deficiency in Pep's method.

I agree that Pep will get defeated more and more if he doesn't add flexibility to his style. His obsession with possession gives teams the opportunity to sit back and wait until a mistake is made. We've seen him experiment with his teams with not just formations but player roles. I'm quite sure he is going to study his faults and come back with solutions