The current odds for the CL winner:

Liverpool are top favourites which isn't a big surprise.

I didn't expect PSG to go to the top in only one year according to bookies. But they are once again a serious favourite with this game surely.
Real Madrid come as the 2nd... Maybe this can be criticized as they have a brand new manager now. But I hope Xabi Alonso won't show a bad performance in his first year.
PSG come as the 3rd which is also okay. Some websites are even showing PSG - Arsenal in equal odds.

If PSG wins the cup by beating Inter 5-0 in the 2024-2025 season, PSG will be among the first favorites in 2025-2026. It did not seem right to me that other sites gave the same points to Arsenal and PSG. In addition, teams such as Arsenal, Liverpool, Barcelona, Real Madrid, Bayern Munich and Manchester City can be considered as favorites with high odds due to their strong squads and consistent performances in Europe.
Real Madrid should normally be in first place, but the manager changed and Ancelotti could not provide what was expected last season, so I can understand why he is not the first favorite.