Real Madrid is always the most favored team in this tournament, but anything can happen depending on the team's condition when facing a crucial match. Pep Guardiola will certainly try to win his second UCL trophy with Manchester City as well as being the best farewell if he is not interested in extending his contract there. After last season's failure, Guardiola will try to improve Manchester City quality to win this trophy again. Manchester City, who have a squad that is almost the same as Real Madrid, will try to win this trophy again, they are very enthusiastic about winning the second title and are ready to give their best performance this season.
I don't think with Real Msdrid only as the favorite team for winning UEFA Champion League but also have Manchester City keep dominance as the canidate winner, last season The Citizen have eliminated by Real Madrid in quarter final and make most of fans disappointed with the format rule both favorite teams have face early on quarter final round.
Next season, Pep Guardiola still Manchester City manager and I think he has potential to stop Madrid dominamcr but wish both team face until final round not have to face at early round.
Many new come teams will participants in Champion League next season and new format adopt will get difference atmosphere as usually when old format adopting.