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For involvement until the semi-finals I agree but to go to the final and win the trophy I am a little doubtful. Now if you look at it, only Napoli are probably so busy in the transfer market and they are looking for experienced players who are no longer young. But there is a weakness in this strategy because players who are quite old will be quite tired when facing teams filled with young players. Like for example when Inter Milan faced Barcelona or PSG because even though Inter Milan managed to beat Barcelona we could see a number of their players were tired.
I don't want to speculate further on the chances of the Italian team, Inter Milan will also have a hard time repeating their success in appearing in the final after Inzaghi's departure. I also doubt the ability of Juventus, Napoli and Atalanta to compete with teams like Liverpool, Man City, Real Madrid, Barcelona, Munich and PSG, even though they are able to make a surprise, their chances of winning the trophy are very small.
Yes, Napoli are very serious about adding depth to their squad after winning the Scudetto, but when they appear in the UCL, their strength is still below the level of several other top teams. Real Madrid are also rejuvenating their squad by bringing in quality young players, Barcelona young players are also maturing under Hansi Flick and the arrival of several new players will further increase their strength.
I doubt that the Italian teams next season can go further, let alone reach the final. Because the teams you mentioned above started with new coaches, Inter, Atalanta, and Juventus. While Napoli is building new strength and they always fail when they have a tight schedule, this makes me doubt the strength of Italian teams to exist in the UCL league. Indeed, the UCL league always provides surprises, but if judged from now they are all still below teams like Barcelona, Bayern Munich, PSG, and Man City.
Real Madrid is indeed coached by a new coach, Xabi Alanso, but this club is always different when playing in the UCL league so for me Real Madrid remains the favorite in the Champions League because the mentality of this club is always great when in the UCL league, that's what makes them nicknamed the king of UCL. Because the big name of Real Madrid is feared by every opponent.
There is only one thing that can be learned from last season's UCL, when the team had to fight in the play-offs to qualify for the last 16, don't underestimate them because they could be the champions. Like PSG last season, who would have thought they were the ones who fought hard to qualify for the last 16 but they were the ones who managed to win the UCL trophy for the first time.