The current odds for the Champions League trophy are as below.

Liverpool are the biggest favourite which isn't odd to see. Barcelona-Arsenal-Real Madrid trio are given the same chance for the trophy as you can see too. Despite Real Madrid's problematic start to the league phase nothing changed for bookies.

This is mainly due to Real Madrid's literally owning this competition with most trophies by far. They surprise people even in times of struggle. How do you see it? Who is your favourite?
It's very weird to see Arsenal gets same odds as Real Madrid and Barcelona. They're shit in UCL, and has to be removed from the list of UCL champion this season.

I still in my belief to see Real Madrid back to back champion. They looked fuckin struggle at the start of season, but much better now.
In this case, i have only Madrid and Liverpool as title contenders. I suppost Madrid has greater chance to win the competition, though their odds is a bit small than Liverpool.
They're gonna repeat last season's result.
I agree with you that the rate given to Arsenal is very low. Actually, we can include Real Madrid in this situation. There is not much football quality in Real either. They scored 5 goals because Salzburg was weak, but a strong team can tear Real Madrid to pieces, just like Barcelona did in the Super Cup match.
The odds given to Liverpool are attractive at the moment, they continue with 7 out of 7, but I don't know what they can do in the next elimination system.
Liverpool and Barça are playing great football. These two are my championship candidates.