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.
What are your saying, you called our win a managed one, did you know the teams we played last season on our way to the final. We played A.Madrid and won them both legs. Even the Real Madrid we took them out of the competition and eventually won against Manchester city in the finals. Chelsea are a cup team, we do very well in cup competition and I won't be surprised if we go all the way. Assuming we weren't hit with injuries, I would had been more confident of us defending our title.
If there should be any team I should be worried about as a fan, it'll be Bayern Munich, the rest competitors aren't much of a new obstacle if we are to face them. Having to be the underdog isn't a problem for Chelsea, I thought football fans should have realized that by now.