In my opinion, Chelsea is not the favorite for the season to win the Champions League, despite Chelsea's status as defending champion. For this season, there are many clubs that are more worthy of being candidates for the Champions League, because we can see their game in their own domestic league.
You must be new to the champions league then, when it comes to this league it doesn't matter whatever you're playing in your farmers league. The champions league is for champion and anybody playing there shouldn't be underestimated or you will end up been surprised and if not careful kicked out of the competition. The last time Chelsea won, we weren't the favorite as well so we won't be new to the whole discussion of not been the favorite to win.
Already we should be progressing to the next stage with ease as we already have a nice advantage with two goals deposit and currently winning games back to back. The likes of James is fit and should fixture which will help us in the right wing then we choice from the option available to filled the left wing.
Well he did not say that Chelsea can not win the Champions League, he just said that they are not one of the big favorites to win the Champions League this year and i would say that he is right with his statement. Clubs like Manchester City, Liverpool and maybe Real Madrid and Bayern Munich just seem to be stronger.
Of course you are also right that Chelsea were also not the favorites last year when they manage to win the competition which was a huge surprise to most people, so they can definitely do that again this year.
Still if they have to face Manchester City or Real Madrid in the next play-off round then i would say that they are the underdog then.