We can't count any good team in all Leagues for the past decade without mentioning Madrid, it is now a usual for them winning titles and not feeling too excited both in La Liga and Champions League.
Manchester City were trying to compete for the best in the world team so far but consistency has failed recently, Madrid with the worst form has already made their way up the second position on the La Liga table with one match still not played, the odds are changing so fast, Madrid might even lately put out an impressive strike to retain their Champions League while other teams will be struggling for the victory at last.
It has probably never been more even than this. I have no clue who could be the possible favorite for the title as there is no team that is not having issues except for Liverpool. Maybe they are the biggest favorite.
What's so weird is how Liverpool creates so many chances despite not having overwhelming ball possession. Now against Tottenham they had less than 50% ball possession and yet had 24 shots! This demonstrates how quickly they get close to the opponent's box. They only need a few touches and the chance is already there.
I doubt that Manchester City will recover to a degree that they can be taken seriously as a potential CL winner.