This season is one of those times when Real Madrid has everything to make a great Champions League. The La Liga championship is fully controlled, with no opponents at the height. In this way they can dedicate themselves almost 100% to the Champions League.
The Spanish championship is a very difficult and long competition and I don't think Real can relax too much and think that everything is under control.
After all, Sevilla are very close to Real and it seems that they will be the main competitors for the title.
As for the Champions League, I personally don’t think Real is the main favorite to win this competition.
I give Manchester City, Bayern, Liverpool and PSG more chances.