I also see Manchester City as the clear favorite, but I don't think it's right to say that now and my other favorites are Arsenal and Bayern Munich. Arsenal are about to turn into a better team than last season. Harry Kane and Kim Min-jae can bring Bayern Munich back to their old days. I think the squad depth and quality of teams like PSG, Real Madrid and Barcelona are not enough to be successful in this division. Of course, it's not right to talk about these things now, but I think that's the outlook for now. Also, I'm curious about Napoli and Osimhen's performance, they were great last season. I wonder if they will be able to maintain the same consistency this season.
If you have Manchester City as champions league favourites, you must consider Real Madrid as your champions league favourites. You won't get all the players Manchester City had last season but you won't find them at Manchester City this season. Karim Benzema has left Real Madrid This may be why you don't consider Real Madrid among the Champions League favourites, but Real Madrid have made a number of changes in other positions despite not having appointed a replacement for Karim Benzema. With all the players that Real Madrid has so far, Real Madrid certainly has the potential to do well in the Champions League. Like last season, I will place Real Madrid as Champions League favorites this season as well.
Manchester City and Real Madrid are big clubs who are always the favorites to win the UCL, Manchester City success last season has again placed it as one of the favorite teams this season. Manchester City still have great squad depth despite a slight change in the transfer market, Gundogan departure has been replaced by the arrival of Kovacic, overall Guardiola current squad still places them as a team to watch out for in the UCL.
Real Madrid have no doubts about their quality, Benzema departure has left a void for a reliable goalscorer, but Bellingham's arrival has eased those worries with impressive performances in both of his La Liga games. The changes that have occurred in the Real Madrid squad will not greatly affect their performance in the UCL and La Liga, Real Madrid performance is still very consistent, they have had a new idol since Bellingham put on a good performance. I am not excluding Real Madrid in the race for the UCL title this season, Ancelotti team is still able to provide competition even without the presence of Benzema.