I can't see PSG going back to back UCL champions either but it's fair to put them as favorite. What I disagree is Real Madrid being 3rd favorite ? in front of Inter ? because in my opinion Real should not even be in top 5 and they are only there because of how many UCL trophies they have ...so basically it's always a chance for them to win but not with this current squad and not in first year with Xabi Alonso.
Chelsea already unlocked their strategy and since then, PSG wasn’t a fierce team no more. Last season might come to be their only season in a long while. At the very least, this might well be the season for Bayern Munich or Barcelona. Both teams are showing great resilience in their local league. Like Barcelona having to come back from 2 goals down against Levante to win 3:2 or Baryen Munich trashing Leipzig by 6 goals to nothing. Those are teams that you would say are getting themselves warmed up for the champions league.