We can definitely consider the current Real Madrid without Mbappe as one of the best clubs in the world because of all the clubs in Europe and outside of Europe, Real Madrid will definitely be in the best position in terms of performance and winning trophies. Last season Real Madrid had players like Karim Benzema and last season Real Madrid were definitely favorites to win the Champions League title but they lost to Manchester City in the semi-finals. Real Madrid have a good chance of beating Manchester City this season as they lost to Manchester City last season and will face Manchester City again this season in the quarter finals. Real Madrid is already a strong team, so if Mbappe joins Real Madrid again, Real Madrid's strength will increase.
We can say that the current Real Madrid squad is one of the best even though their performances are sometimes disappointing as proven by the fact that they suffered one defeat in La Liga this season with six draws and were also knocked out early in the Copa Del Rey by Atletico Madrid and this is certainly very surprising.
In the Champions League, even though Real Madrid are the hosts in the first match, their opponents are the favorites, even though the odds are only a slight difference, so their squad, which is considered one of the best, cannot yet make the bookies confident in favoring Real Madrid, the first match will be very important for Real Madrid, just winning with a narrow goal margin or even just a draw will make their chances even more difficult in the second match, and before the match against City they have to play against Athletic Bilbao and this match is quite important to continue to strengthen their position at the top of the standings in La Liga.