I wonder why Liverpool are the favourites? I can't say they've become stronger during the transfer campaign, and Salah has definitely aged.
Let's check out their transfer activity until now.
In:
• Kerkez
• Wirtz
• Frimpong
Out:
• TAA
Losing TAA is bad but Frimpong is also very promising to fill his gap strongly. Kerkez is nice and good choice for long term instead of Robertson. Wirtz is already a wonderkid.

As for Salah, he had a career-high season I guess. I don't mean he can repeat it next time but I hope to see him making a huge score contribution again.
So? Liverpool didn't have a special squad last season and the changes that have been made haven't changed anything. If City were "okay" then it's unlikely Liverpool would have won the title, so why should they be favourites for the Champions League when there are obviously two full-fledged teams - PSG and Real? And several potentially good others? This is a typical projection of one successful season onto the next, given that the success only happened because City went down, I find it dubious.