Why would they deteriorate? Champion contenders usually convert at a rate of below 3:1. Do you think they're going to get that bad?
Yes - I do think they will deteriorate.
1) The team really isn't that good.
2) They are scoring at a rate 5% better than the best ratio over the last decade of champions (city 2014 at 2.33).
3) They are scoring at a rate 18% lower than the average of the last decade winner's ratio (2.68).
4) Out of the 14 goals they've scored, 3 have been penalties. if they get one more penalty all season then they will have had more penalties than 5 of the last 10 teams to win it (included in the above stats) got all season. For context, they get 0.6 penalties per game so far this year. That would mean they get 22 in a season.... The previous record for a champion being 11 (Chelsea in 2010). I'm sure another team got more in a single season and didn't win it... but 22 sounds high.
5) 1 of the 14 goals was an own goal. City got 3 OG last year, Chelsea got 1 in 17, Leicester got 0 in 16, Chelsea got 1 in 15. (as a side note looking into this there were 3 OG's in one game Southampton vs Sunderland all for Southampton were they won 8-0. Perhaps that might need to be investigated by the betting police!!). There have usually been about 30 total across all clubs in a year. So Chelsea have got their fair share of luck.
6) They've played easy teams (3 of them at home), hence they have +2 in APLT vs our +6. They will play against teams that can defend.
7) They've had a tonne of long shots that have crept in (abnormal) as highlighted by Brando
The team really isn't that good.
If you strip out 2 of their 14 goals (take your pick or whatever reason), their ratio goes down to 2.58.
So to answer your question:
a) Why would they deteriorate? The above reasons are abnormal. Particularly the penalties.
b) I'm willing to sell the bet that they end up the season with a ratio above 2.5. So at least a 15% deterioration.