I see that so far only Manchester City can compete and have the same level as Real Madrid in the UCL. Even though Real Madrid managed to win the UCL this season and City failed in the quarterfinals, in my personal opinion Real Madrid's most difficult match in the UCL this season was against City. I still haven't seen another team that is at the same level as Real Madrid.
Man City is a strong competitor for Real Madrid in UCL. Real Madrid always got difficulty to win against Man City because they have many top players and they played with good tactics. As long as Pep Guardiola remains the coach of Man City, I think Man City will be always one of the favorite teams to win UCL and be a tough opponent. But there is a rumor stated Guardiola won't extend his contract with Man City. His contract will expire in June 30, 2025. So, in the season 2025/2026 Man City probably will be no longer a favorite team in UCL.I hope City still has the same level as Real Madrid. In fact, hopefully there are other teams that can become competitors at the same level in the UCL. Because if Pep decides to leave City and Haaland also leaves the club, it's like Madrid will really dominate the UCL.
I think not only Man City but there are some teams which have the same level with Real Madrid. Man City, Liverpool, Bayern Munich, Inter Milan, PSG, and Arsenal have the same level if we consider the squad quality. But if we consider the domination of those teams in the last few years, only Man City and Liverpool that can reach the final round quite often.
All UCL final matches