We always have an order of which teams are the biggest favorites in this competition, Real Madrid is always the name that has a place in the favorites, Manchester City also has a place there, teams like Bayern Munich, Barcelona and others will also be there, especially lately we have seen many clubs improve.
The clubs from Serie A are also now starting to pose a real threat after a few seasons where they seemed to be drowning. The peak of last season they could occupy a strategic place in the final round, and one of them INter Milan who managed to penetrate the final party.
Talking about favorites, we already know the team that will reach the important stages in UEFA Champions League this new season. You're absolutely right about picking Real Madrid, Manchester City, Barcelona and Bayern Munich. The Seria A clubs putting up stunning performance this season in UEFA CL, and other elite competitions. Last season, we had three clubs from Seria A that made it to three finals, and they all got defeated and went home without a single trophy. I guessed this season will be different one, expecting Inter, Juventus and Napoli to pulled a competitive race for UEFA Champions League this season.
If you look at the preparation of elite clubs this season, Arsenal, PSG, AC Milan can also become strong competitors and challengers in the UCL. If you don't join the Hell group then the journey of these clubs will be relatively easier, but in UCL the mentality of the squad is very influential.
Sure enough, changes in club ownership and management meant that the big teams were no longer on the favourites. The decline in performance due to a lack of quality players at the club certainly puts the club in a difficult competitive situation.