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.
Xabi Alonso is going to try his best to ensure the the Real Madrid is always at its best, most especially this new season coming, because the team is well set and got all it takes to make a difference, though on the other hand, we cant expect that they always win the title each year and things continue to go on like that, we have Chelsea, PSG, Liverpool Barcelona, Manchester United, Inter Milan, Arsenal and so many other clubs we are getting prepared towards the same race and this is more of a survival of the fittest. 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.
Alonso will definitely do everything possible to transform Real Madrid; he won’t want his time in this team without bringing out any positive result, and that will spoil his reputation, so I know Xabi Alonso will make sure everything goes well for Real Madrid. Although next season is going to be a tough one, as every club is getting prepared ahead of next season, and this will make the new players and new coaches get more prepared in the coming season.
However, all these clubs you mentioned earlier – their managers have already gotten used to the club and are not new to the club. This is where experience is going to work; they have more experience than Xabi Alonso in the Champions League as managers.