If leaked specs are to be believed, the Google Pixel 5 will not offer the same beastly Snapdragon 865 processor as the Samsung Galaxy S20. And the Pixel 5 probably won't even go head-to-head with the iPhone 12's A14 Bionic chip, which is expected to launch this fall.

Instead, the Pixel 5 will reportedly feature a more mid-range chip, the Snapdragon 765G, one step below the Snapdragon 865, and still offer 5G capabilities. This is good news for Google and for shoppers.

In the past, Google has challenged Apple and Samsung's top flagships with its own flagship Pixel phones, but time and time again it has failed to break the duopoly. And Google is not alone. Just look at HTC, which is now completely overshadowed, or LG, which is struggling to make its presence felt in the smartphone market with the LG V60 ThinQ.

A mid-range or upper mid-range Pixel 5 makes more sense for Google; with the addition of 5G, it could undercut the iPhone 12, which would probably cost more than the current $699 iPhone 11. Also, Samsung's Galaxy S20 lineup starts at $999.

OnePlus, on the other hand, has been raising the market with its phones, as the OnePlus 7T started at $599. It is currently available from T-Mobile for $499. The price drop may have something to do with the OnePlus 8 Pro, which will likely be higher than $599 due to the addition of 5G.

For Google, it makes much more sense to compete with companies like OnePlus than to fight with Apple and Samsung. At the same time, the Pixel 5 can undercut the iPhone 12 and Galaxy S20 while giving the OnePlus 8 a shot. And Google has more marketing power than OnePlus.

But here's where it gets tricky. If the rumored Pixel 4a and Pixel 4a XL are launched at the same price as the previous models, they will cost $399 and $479 respectively. And if Google decides to add 5G capabilities, these prices could skyrocket. However, my guess is that to keep prices down, this year's a-series phones will be 4G-only experiences.

Still, that doesn't leave much room for the Pixel 5 to compete between the $479 Pixel 4a XL and the $699 (or slightly more) iPhone 12. Google seems to want to hit the $599 sweet spot with the Pixel 5, making it at least $100 cheaper than the latest iPhone this fall.

Previous Pixel 5 rumors have pointed to the possibility of an additional ultra-wide-angle camera to complement the wide-angle and telephoto lenses. We can also expect reverse wireless charging, which Samsung has offered for several years; this would be welcome, as the Pixel 4 and Pixel 4 XL did not have good battery life.

Some rumors suggest that Google will offer the Pixel 5 Ultra, a true flagship to rival the iPhone 12 and Galaxy S20 Ultra, but given the problems Google has had competing at the high end of the cell phone market, a flagship flagship killer could be what shoppers want.