I think many people will agree about the favorite teams to win this season, that Real Madrid and Manchester City are the two teams with the highest chances. While other contestants such as Bayern Munich, Liverpool, Arsenal, Inter Milan could exchange positions along the way, although in fact they all have the same chances before the competition starts. In addition, Leverkusen consistency seems to be a special attraction in the Champions League this season, where they are still continuing their positive trend in the Bundesliga until now. With the change in match format, of course it will make the competition more competitive, and actually it will make it difficult for us to predict, because this is the first time. Currently the play-off round has entered the 2nd Leg, and will be played in the next two days, and we will see the 36 contestants of the Champions League this season in full.
It is true, Real Madrid and Man City are still the most favorite teams to be the winner of UCL this season. Real Madrid has Mbappe now, people predicted they will be stronger in UCL. Meanwhile Man City still has almost similar squad, but they have some good new players. If we consider the current performance of Man City, no doubt they are very likely to go far in UCL. However, we don't underestimate other teams, there are many strong teams in UCL this season. Arsenal, Bayern Munich, Inter Milan, Leverkusen, and Liverpool are also strong teams that may have the same chance.
Anyway, surely the new format in UCL will be harder for each team. In the new format, there will be more matches, so the coach is expected to be careful in keeping the fitness of the players. This enhance the possibility of injury, the coach must deal with this challenge by more often rotating the players. The squad depth will be very crucial, the coaches need to prepare well the second tier players, too. This condition require the contribution of the second tier players,, they will have higher chance to play.