European football's most prestigious competition gets under way in an entirely new format. This season 36 of the continent's finest clubs will fight it out for the biggest prize of all. With the summer transfer window shut and the domestic leagues already running, the leading squads have been reshaped heavily. Bookmakers and analysts still make the reigning champions the outright favourite, yet the field behind them is strong enough to turn any prediction on its head.
Manchester United
United returned to Europe's elite last season thanks to the work Michael Carrick did in the dugout. Handed the job on an interim basis, he delivered the points that mattered most. Confirmation in the role permanently has brought a harder beginning — four points from their opening three Premier League fixtures. Their greatest asset is the outstanding form of captain Bruno Fernandes. The clearest weakness is the congested calendar. Analysts doubt whether this squad can hold that rhythm every midweek. Bookmakers expect them to reach the play-off round, but see anything beyond it as unlikely at this stage.
Inter
Italy's reigning champions arrive chasing stability and rehabilitation. Last season ended in a sensational play-off defeat to the Norwegian side Bodo/Glimt. New manager Cristian Chivu sealed the domestic double in his first campaign and has won all three of his opening fixtures in Serie A, Italy's top flight. The Italians' biggest strength is the solidity of the back line; the depth of the forward line raises questions. Analytical modelling gives Inter the second-easiest schedule of the league phase. Bookmakers expect them to claim automatic passage to the round of 16.
Liverpool
A new era begins at Liverpool. Arne Slot's departure has handed the manager's post to Andoni Iraola, for whom this is a first European experience. Under him the side have taken to a quick, aggressive attacking game. The main plus is the strengthening of the squad — Alexander Isak is working his way back to peak condition, Florian Wirtz controls the midfield, and Bradley Barcola has brought a winner's mentality to the dressing room. The main minus is the inexperience of the Spanish coach. Repeated defeats to PSG in recent years point to a psychological barrier.
Atletico Madrid
Free of any such psychological barrier is Diego Simeone's team. Last season they went as far as the semi-finals before losing to Arsenal. Their biggest asset is that the world champion Julian Alvarez stayed. Cristian Romero has reinforced the defence, while Lee Kang-in will operate in midfield. The biggest drawback is a brutal schedule, rated by Opta as the fourth-hardest in the competition. Bookmakers make them favourites to come through the play-off round, and their opening fixture at Anfield will expose their real ambitions.
Manchester City
The English club find themselves in an entirely different transfer reality. Pep Guardiola and midfield leader Rodri have both gone. New manager Enzo Maresca lost his debut match to Arsenal in the Community Shield, then silenced the critics with three straight Premier League wins. The main force is still Erling Haaland. The minus is the process of adapting to new tactical patterns. Bookmakers are convinced the team will be far stronger in the second half of the season; before then, the sternest of examinations awaits against Barcelona and PSG.
Real Madrid
After the failures of recent seasons, the club see their salvation in the return of Jose Mourinho. The plus is the most destructive attack on the planet in Kylian Mbappe, Vinicius Junior and Jude Bellingham. Weighed against that star-studded front line is a problem midfield — since Toni Kroos and Luka Modric left, no leaders have been found in the centre of the pitch. Analysts expected the Portuguese's strategy to work from day one, and it has not. Bookmakers are cautious, reckoning that until the balance is restored this team will struggle to conquer the European summit.
Arsenal
Mikel Arteta has the balance of his midfield calibrated to the smallest detail. For last season's finalists, who surrendered the title in a penalty shoot-out, lifting the European Cup has become the overriding objective. The main strength is the near-perfect stability of the defence and midfield. Failing to add a marquee striker in the summer became the squad's biggest flaw. They are the only club drawn against both Spanish sides in the league phase. Bookmakers rate them favourites for the Premier League, yet question whether they carry the attacking potential to take a title-winning step in Europe.
Bayern
Where Arsenal look limited going forward, the German club threaten Europe with a devastating attack under their new manager, Vincent Kompany. The main force is the front three of Harry Kane, Michael Olise and Luis Diaz. A passive summer in the transfer market is their chief minus, though keeping hold of their leaders has left a sense of stability. Last season they beat almost every opponent put in front of them before going out to PSG in the semi-finals. Bookmakers count them among the leading candidates to reach the closing stages.
Barcelona
The Spanish club have gone down the same road of reinforcing the attack, with one revolutionary transfer of their own. Under Hansi Flick the side have made a remarkable start in La Liga, Spain's top flight. Their permanent weak point was the high defensive line and an exposed midfield, and the answer was the addition of Rodri. Spain's captain is ideally suited to smothering counter-attacks. Lamine Yamal and Raphinha are in outstanding form, yet the absence of a direct replacement for Robert Lewandowski still leaves their attack vulnerable. Bookmakers believe that in the German's hands this is the one team capable of ending PSG's dominance.
PSG
The reigning champions survey all of these challenges from the summit. Luis Enrique's team are preparing to win a historic third consecutive title. The squad has been strengthened further with Ferran Torres, Mika Godts and Maghnes Akliouche, which makes them unconditional favourites. A winless run in their opening three domestic fixtures speaks to a certain vulnerability, but they remain top of the bookmakers' rankings. No club other than Real Madrid has ever won this competition three times in a row, and the historic race will end in Madrid, in the final.
