I am going to go on a limb and say that Real Madrid will not win UCL this season as well. They are not going ot be as bad as last year, because they had many injuries last year which caused them to be worse, they will do better at group stages at least, and depending on who they face afterwards, I bet they can go even further, but they won't win.
It is too soon to conclude that Real Madrid will not win the 2025/2026 UCL season.
For the defeat against PSG, Real Madrid through the cold hands of Xabi Alonso, this can change when already competing in the UCL.
Xabi Alonso certainly realized that his job at Real Madrid was not easy because he realized that he was required to win at least one trophy. I think the UCL is very possible for them to win although I predict that the 2025/2026 UCL season will be more difficult than the old format.