Manchester City got their first trophy this season, maybe they still have a chance to be the favorites team again in next season, if there are no changes in their squad. But I think they can certainly reach the top 8 or even semi-finals, but also to win again I think it's too early because there are many big clubs who have pocketed tickets for next season. We can't underestimate them either especially Inter, although they unlucky this season but they can reach to the finals, it's a sign of how strong they are this season and maybe next season they can showing more optimal.
If there is no change in the team then we can expect the current team of Manchester City in the next season as well. But Manchester City must maintain their consistency.
Real Madrid are one of the favorites in the Champions League but they have already made a number of changes to their squad and have a few more targets this transfer season. If Real Madrid is able to assemble the team properly and Manchester City is able to maintain their consistency, then Real Madrid and Manchester City will be the two most favorite teams in the Champions League in the 23-24 season.