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.
Pep Guardiola expertise in building a squad is quite good, where at the moment Manchester City is very complete with more prominent quality star players in each line. So there is a big possibility for them to repeat what they did in the previous season, namely succeeding in becoming champions again.
However, the Champions League certainly has quite strong representatives from various leagues so that this season there will be potential newcomers to make it to the Champions League final. But Manchester City is still the favorite this season to win the title again.
Apart from that, Pep Guardiola was able to handle the team as well as possible when they lost their star player, I mean when Kevin didn't play, Manchester City was also able to show their strength against their opponents. For this reason, Manchester City will try hard to be able to defend its championship title this season against the pressure put on it by other teams. Be it Real Madrid, PSG or Bayern Munich, they also have the ambition to become champions this season, but they must be able to perform better if they meet with Manchester City.