I hope you can still remember in 2022/23 season, Inter made it to the final with Manchester City and if not for saving grace, City would have lost that match that day because they won the match with 1 goal to ni after huge pressure, it was that performance that made Manchester United to sign Andre Onana till date because of his performance in the Champions League. Sometimes, the things you don't see coming get at you in Champions League.
Even last season can be another testimony because Dortmond make it to the final but been defeated by Real Madrid.
The last two season you were talking about was a season to remember because Manchester City passed through a lot of tough matches before making it to the final, while Inter was lucky with most of the opponents they faced along the line, but it was a good final I must say because Manchester City were very lucky to have won due to high number of chances missed by Lukaku and Martinez of Inter Milan then.
I believe there wouldn't be a sweet Champions League without Manchester City and Real Madrid but right now, Real Madrid are not even in good health and they can't perform to their optimum level but I can vouch for Manchester City and Barcelona are right now on hot journey to make some trophy. I don't know for Arsenal but I am neutral for them for now and Liverpool might do well in the long run.
The champions league can be competitive even without Manchester City because they don't have enough record in the champions league as Madrid, that is why the absence of Madrid in the competition might look strange, and I don't think it will happen because they do always made it to the champions league.
On the journey of wining the champions league this season, I am considering many teams because of the performances we have seen so far.
Bayern Munich, Liverpool, Manchester City, Barcelona, Arsenal, and Inter Milan. I didn't add Madrid because I know that they are already the favorites to win the competition, but their team's performance is not up to standard this season which I think they will not go far in the champions league this season.