Real Madrid is definitely not going to want to let PSG defend the trophy, they are going to make sure they do everything possible to win the trophy and Xabi will want add that record to his name of winning the champions league at Madrid in is first season at Madrid and the likes of mbappe will also want to win the champions league to his name, the champions league has always been his dream and one of the reasons he moved to Real Madrid, i know it is not all about him but then the drive in him will make him want to make sure he gives his best to the team to get the trophy this season.
It's just not about Real Madrid many other big clubs from few leagues are doing their best for having better performance and results in coming season which will give them title as well Liverpool and Manchester City are doing their best while Napoli and Juventus are in Serie A. No one can ignore Barcelona which is having good time in last season, but now they are fixing their problems which prevent them from winning in last season they could be also lethal in coming season due to their competitiveness.
Champions league is always had good challenging performance from top clubs those are always in favourite list of bookies while few are always keep things on level which give them advantage but PSG is now also doing good job and looking for another good season at all competitions.