Maybe it's still too early to predict the next season, but with Real Madrid itself it's different. They still have a bigger chance than other teams, but I don't think that means they can't be beaten. Of course there will be another team that is just as strong and can beat them even with a thin skirmish. We'll see in the coming season because only time will tell.
I think the same as you, although you always have to be very careful, sometimes the team that may be last in the table, even that is about to fall into the 2nd division can win in a purely impressive way, because that has happened, right now in the UCL the teams are more motivated, more reinforced and with more desire to win, with less probability of losing by making mistakes, because those mistakes are the ones that the coaches will work hard to prevent from happening again, so Madrid will always be the favorite, only now they cannot and should not lower their level, I think Ancelotti will know how to position a new team with very good players, but I insist, I see Madrid's midfield weak.
Just because Modric and Kroos retire or leave Real Madrid, it doesn't mean that Real Madrid's midfield will become weak. It's funny if you come to that conclusion because, after all, Real Madrid still have other players who are also young and thus, I believe the Real Madrid squad will remain good and fine from season to season. Therefore, it is not surprising that Real Madrid is always the favorite team to get the trophy. But indeed, even so, ofcourse, Real Madrid is also still possible to fail but basically, Real Madrid always has a chance to get trophies in all competitions every season.
I understand when people say that it's too early to predict the potential winner of next season's UEFA Champions League competition but in my own opinion, I don't think that the prediction is as difficult as we make it look like because there's a team already that's near perfect and that team is the defending champions Real Madrid. Real Madrid despite the quality and depth in the squad was able to sign another world class player in Kylian Mbappe this summer and for a player of his intimidating qualities, I don't think it'll be easy to stop them from retaining the European title.
The only notable figure that left the club is no other than Toni Kroos who decided to call it a day in his professional football career. Luka Modric is still part of the squad and will remain at the club for another season so I expect him to help nurture the younger players in the club with his experience.