Asides of the reining team of Manchester City i dotn see another team in that level to be a contender for this Champions League, maybe if Real Madrid with Bellingham still in this apce can have a chance, but they need a real number 9 you cant play with Joselu in this level.
Along with Manchester City, I consider Bayern Munich as a worthy contender for this year's Champions League title. This group is very strong. Their attack has been weak in recent seasons. But with Harry Kane joining the squad, Munich's attack has become stronger. I don't think Real Madrid team is strong enough to win the Champions League title. They don't have a perfect scorer now. Performance of vini and rodrygo is not stable. Also, the Barcelona team is also very strong this time. They will definitely want to do well in the Champions League.
Taking into account that Manchester City is also having trouble here and there in their games, I think yes there are a few teams that have a realistic chance to win the Champions League trophy while leaving aside some other teams that might be in for a surprise like we have seen with Inter Milan. But I still think that Manchester City has left a lot of potential in the tank. I am not sure about Bayern Munich, but when De Bruyne returns, I think they will be much stronger than now.