Honestly I always see Real Madrid as the top favourite of this competition. 15 titles in total and many of them were achieved in last 10 years. 
They are always a serious threat to all other clubs here.
Now they've entered a new path with Xabi Alonso. He is experimenting with the players for now. Trying to solve the issue of selfishness in the attacking area. Once he figures it out I believe in them to fight for another CL trophy with all they've got.
They are always among the top favorites to win the UEFA Champions just because of the reason you mentioned, and for the fact that their former squad knows how to play the Champions League football well, but I don’t think they can be among the top favorites this time. They are still struggling to solve some attacking issues, and they are among the teams with worst defense among the top teams, and with these midfielders they have, I don’t think they can be favorites next season because they need to add some players and the coach will also need time to coordinate the team to fit in to all competitions and to also have squad depth because of the number of competitions they will play next season. They are always a serious threat to all other clubs here.Now they've entered a new path with Xabi Alonso. He is experimenting with the players for now. Trying to solve the issue of selfishness in the attacking area. Once he figures it out I believe in them to fight for another CL trophy with all they've got.
PSG will be the top favorite team to win the Champions League next season because they are the defending champions, and their team looks balance to go again next season that is why they are trying to get more squad depth. However, other team like Manchester City, Arsenal, Chelsea, Liverpool, Bayern Munich, and maybe Inter Milan can also win the Champions League because they also have all the squad to win the Champions league next season.