Let's say Real doesn't make it into the top 8 and they have to play preliminary playoffs. But what place do you think they will take? If 9-10, then they will play against the team that took 23-24 place. If 11-13, then against the team from 21-22 place, etc.
It depends on the results of the remaining 4 games. A win is needed to improve their ranking in the standings, but the problem is they will face Liverpool in the next game. If they lose at Anfield, they will fall into the relegation zone. They will also face Atalanta who are in top form, Madrid chances of getting 3 points are very small because Atalanta have been impressive and very productive this season.
What are the chances of Real finishing so low that they will get a really strong team (+ which will have two lucky days haha)? I think this probability is measured in a few percent.
In my opinion, Madrid chances of finishing in a better position are very small based on their performance and the opponents they face in the next 4 matches.
Hmm... before writing such bold arguments, did you at least look at the table? There are 2 points to the relegation zone, and 2 to 9th place. What do you think is the total probability that Real will lose and PSG, Sparta, Stuttgart, Shakhtar, Girona, PSV will win at the same time? Combine these outcomes into one multi-bet and estimate the odds

Atalanta is a typical average team from Serie A, similar to Sociedad/Athletic. Next games with Salzburg and Brest. I think that Real will score 9,10 or 12 points in the remaining games.