Bayern Munich are no longer considered favorites for this season's Champions League title. The team has a lot of problems within the squad. And now their performance is erratic. With such erratic performances, it is difficult to survive in the Champions League.
Inter Milan, PSG and Arsenal cannot be considered weak teams. However, PSG team is not considered by many as favourites. PSG did not perform well in the group stage matches either. But now PSG's performance is good enough.
I would say the favorites for the title are Real Madrid and Manchester City. Both the teams have strong squads and have continued to dominate the Champions League platform consistently.
Their squad is still very good and their style of play is still very good but the problem of lacking chemistry and relying more on Kane is a problem in this case because when Kane is troubled to score then indirectly Bayern becomes difficult to get momentum in scoring goals.
In addition, looking at Tuchel's current situation they are still very busy with domestic competitions where some unexpected events disturb them because seeing from Leverkusen's extraordinary performance this season makes Bayern seem unprepared so that they are currently confused in the competition in domestic competitions because the difference in points is still very large with Leverkusen who are at the top of the standings.