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Arsenal is not even in a good situation in Premier League and that's why I think we can't expect them to have good results in the tournament like Champions Legue.
Arteta is getting more experiacned and he id making progress but he is still far from a coach like Ancelotti with lots of experience in Chmapinos Leeague and tthat's why I think Real Madrid will have much more chance than other teams.
Yes, in terms of squad depth, Arsenal and Real Madrid are very different from the players in those clubs Madrid far superior and has bigger chance winning the Champions League title, even Real Madrid has a bigger chance.
Let try to compare it with stronger ones like Bayern Munich, even though they have very high quality new players, but in terms of experience, Real Madrid still the favorite club after manchester City, but for some reason the bookies believe that Bayern Munich has a bigger chance of being in the position second after Manchester City.
Or maybe the reason because real Madrid one of the candidates to hold the Champions League title but has pure strikers, which different from several other clubs.
But still, I would prefer that Arsenal candidate be replaced by Inter Milan, which currently has Martinez, who is considered scoring machine for Inter and I am sure that Arsenal will quickly be eliminated and will be replaced by Inter Milan, which is currently very good condition.