It's very realistic for Liverpool to be favored as one of the strong candidates to win this season Champions League, as they have all the attributes needed to win it. Arne Slot has a squad with balanced depth that is quite ideal for a trophy contending team. What they might need is a bit of luck to have a smoother journey than last season.
Speaking of the defense, every team can actually develop to be more solid in the future. Overall, every player in the main squad must be in their best form to be able to win the trophy, this applies to all contestants. The situation can change drastically if a key player gets injured. Last season, PSG was lucky to avoid serious injury problems, and all of their players were in the best condition.
Liverpool has a good chance but there are other strong candidates at the moment and my top favorite for this year is Real Madrid. They have a lot of really good players on the bench who would even be in the starting eleven at Liverpool and with Xabi Alonso they now also have a very good coach who is also desperate for an international title.
PSG also want to defend the title with very few changes in the squad and then there are countless other strong teams like Barca or Bayern!