On paper, Real Madrid looks weaker than Barcelona (especially after two defeats against Barcelona this season) so I don't think Real should be considered favourites. PSG is good, they have a very even squad, no weaknesses, but they still had big problems in the group stage, so the fact that they are rated higher than Real is absurd. All teams (except Liverpool haha) had problems, but why is PSG higher?
Perhaps the bookies' reasons for favoring Barcelona over Real Madrid? Because we know Real Madrid have been battered since they met Barcelona.
But somehow I will still consider Real Madrid as the favorite because they already have the mentality for this tournament despite the many twists and turns they have gone through.
Why is PSG higher? Because they have a consistent performance after going through the group stage.
PSG I admit is very good in the hands of Enrique but do you know, it is the team that is consistent that is easy to guess. this time the candidates who will meet in the final in my opinion are Bayern and Madrid, these two teams are no longer in doubt in the UCL, Bayern last season had many disappointing performances but this time they are much different, Kompany seems to know what was wrong with Bayern last season and has fixed it now, while Madrid, did perform quite badly in the local league when compared to Barcelona but in the UCL, they are a team that is difficult to beat especially when they are approaching the final, this time the competition is quite tight but for PSG, I am not so sure about them.