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.
Real Madrid were champions of the Champions League two seasons ago, even when they were not so favored because their player material was old enough for that time but they answered doubts that they were kings in the Champions League, and with current player material such as how their midfielder Jude Bellingham is adapting so quickly, it seems unreasonable to underestimate them, and where this season will be the last season for their coach Carlo Ancelotti at Real Madrid he will fight to give the best for the Spanish club. It is not for any club to underestimate Real Madrid in the Champions League including Manchester City even though this English club has better player material.
Napoli in the Champions League will undergo a new return, Qualifying for the last 16 may not be an obstacle for them but getting to the quarterfinals like last season or even better will still be a question for this Italian club.