Almost every season Real Madrid is always the favorite in the Champions League, but this season it is a bit difficult to defend the title it won last season because of its inconsistent performance. Maybe Real Madrid will qualify for the round of 16 through the Play-offs, but the competition in the knockout stages is not the same as the League Stage. I am leaning towards Liverpool based on what they have shown so far, if the two meet, Real Madrid will have a hard time facing Arne Slot men.
his season nothing has changed and Real are still one of the favorites to win the Champions League. They faced big problems in defense, first because of the loss of Courtois and then several main defenders, there were also problems with injuries to the forwards, but over time Courtois returned, and all the forwards and Ancelotti learned to play with new defenders. Although Real's defense is still not super reliable, they have definitely gone through very difficult times and now look much better.
To be honest, I personally doubt madrid's capacity this season to win the champions league, although they are still considered favourites with their experience in the champions league so far, but their poor consistency this season maybd makes it difficult for them to win the champions trophy, besides that they have not been free from the burden of injuries and that is clearly a strong reason for them to be difficult to maintain their status as defending champions of the champions league, compared to Madrid, I actually see Liverpool as a better favourite, although maybe the knockout stages will be a bigger test and challenge for their consistency later, but regardless, I think the opportunity for each team to become champions is still very open if they can be consistent and keep showing good performance when the champions league enters the knockout phase.