We can't say much at this point but I'm pretty sure that City won't win it again. They need 1 bad game in knockout stage and they will be out. Going 2years without bad game it's really hard and City does not have legacy of Real M to do that.
Obviously don't know what to say at right now, but we can follow the progress as this season is only coming in a few months. Currently, all the teams seem to be trying to build up their team's strength by bringing in several new players and selling some of the old ones.
Manchester City is my favorite next season for the Champions League, if OP makes the pool then I will choose Manchester City again.
I'm on the board for City not winning back 2 back UCL as this is very hard to achieve and no matter how strong your team is , UCL is a very special competition where personally I saw so many surprises in watching this competition for over 20 years. However, with a bit of luck and Pep's brilliant ideas , City can produce a big surprise and be the second team who goes back 2 back UCL after Real.