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.
You will be shocked then.
Real Madrid are the only team in the Champion's league history to retain back to back champion's league titles. No other team has ever done so, even when they were so strong and unbeatable… Not Pep's prime Barça that won the sextuple, Not Ferguson's Red hot Manchester United or Mourinho's dominant Chelsea, Not Robbens and Frank Ribery's Bayern Munich. There are so many things that could happen, but the chance of Manchester City getting a back to back UCL title are very slim.
Last season it's Midfielders that won Manchester city the matches where it mattered most and not the number 9 who would be silent in most minutes of most matches.
You have explained and interpreted the situation very well.
Real Madrid is never a team to underestimate, yes sometimes they play badly but they are always dangerous and always the favorites.
M.City are the favorites for the cup this year too, but I think they are very unlikely to win it.