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.

I wonder why Liverpool are the favourites? I can't say they've become stronger during the transfer campaign, and Salah has definitely aged. Real Madrid in turn has definitely become stronger, this is in addition to the fact that their squad is already stellar. I think they should be the favorites. PSG should be in second place or on par with Real Madrid because they are strong + their resource is saving energy in Ligue 1, where they can win either in advance or with a rotated squad. Everything else seems fair, although Bayern should be above Arsenal.