You should not go into conclusion when you know that football is not magic but by the strength of the club which includes that of the players and coach. Real Madrid is still seen as the favorite because they just won it, and they have Mbappe in their club now. When there was no Mbappe, they still won it, and I have not seen any club that will be able to challenge them next season.
If you say Real Madrid odds of winning UCL next season is small, tell me the club that you think is strong and capable enough to win Real Madrid next season of they clash in UCL. After all, this was what some person was saying when City won last two seasons.
Correct, I'm sure that people will count Manchester City or Leverkusen as the team that might win Champions League. But, come on, after Manchester City lost Gundongan and Mahrez, they're not that strong anymore.
Although Real Madrid lost Nancho and may likely lost Kroos too, but we have Mbappe that will give big strength to Real Madrid, it's like having Ronaldo or Messi in their prime. We all know how good Ronaldo or Messi is.