At the moment, the Real Madrid team can be considered the most favorite team to win the Champions League title. The main reason for this is Benzema's full fitness and his return to form. Last season we saw a Madrid side that won the Champions League thanks to Benzema's performance. However, their match strategy was amazing. And if Benzema can continue with such consistency, Madrid has the best chance of winning the Champions League title this season as well. Even if they don't win the La Liga title, maybe Madrid will win the Champions League title.
Nope, Real Madrid isn't the most favorite club to win the Champions league title. Manchester City, Bayern Munich and Napoli are more favorited than Real Madrid. Benzema performance weren't stable, the last 2 matches he scored hattrick, but he almost did nothing in the first leg Copa del Rey and against Real Betis. Benzema often play good in the second leg especially when in lose situation, this is the reason why Real Madrid is unpredictable.