I don't think Real Madrid were ever the favorite to win the title, the only time they were favorite was when Cristiano Ronaldo was still playing for Real Madrid and they had a coach as brilliant as Zinedine Zidane. Even last season that Real Madrid managed to somehow get their hands on the trophy, they weren't even the favorite and couldn't even win their games convincingly. This season, we have teams like PSG and Manchester city that are potential champions and they play like one. We also have Bayern Munich which shouldn't be overlook just because they lost their world record striker to Barcelona.
You were wrong perception about Real Madrid needed Cristiano Ronaldo and Zidane to get Champion League trophy, last season Madrid is not favorite team for getting Champion League but finally success become the winner although many predicting with Manchester City or PSG as the favorite winner.
I don't think Manchester City and PSG have opportunity with Champion League trophy in this season based on several season both team always failed and latest achievement once time lead to final stage. I think between Manchester City and PSG lack mentality winning at Champion League and faced difficult to be the winner. I still favorite with Real Madrid are the winner of champion league trophy in this season because Madrid have experience for getting trophy back to back and the only one team success get Champion League trophy in a row.
Where does anyone get the idea that Real is not among the favorites to win the Champions League?
Also, why do you think Real were only favorites when Ronaldo played for them? In my opinion, Benzema replaced him very well.
The Champions League is the best and most uncertain club competition in the world and the final winner is decided by very small details.
Many people said that Real won the Champions League last season with a lot of luck, but I think it is too much to call every one of their victories in the knockout stage against PSG, Chelsea, Manchester City or Liverpool lucky.
The Real players showed great mental strength in every match and never gave up, which is why they are the best.
Last season, PSG had problems in the relations between the players in the team, and as for Manchester City, it seems to me that in the decisive matches of the Champions League, Pep always adapted too much to the opponent's game, instead of playing his usual game.