The Champions League is back as 36 of Europe’s elite sides battle it out for the ultimate prize.Reigning back-to-back champions Paris Saint-Germain enter as one of the favourites to make history by securing a third straight title, something only Real Madrid have managed in the Champions League era.But Arsenal will hope to spoil the party as they seek revenge following their heartbreaking penalty shootout defeat to PSG in last season’s final in Budapest.The format is now familiar, with 36 sides playing eight matches each in the league phase. The top eight qualify automatically for the last 16, while those finishing ninth to 24th enter a two-legged play-off.Several of the biggest participants have also changed managers, with Manchester City, Liverpool, Real Madrid and Napoli among those starting the season under new leadership. In total, 14 of the 36 clubs are led by managers who have been in the role for less than a year.With an even more congested schedule following the World Cup, the early matchdays could throw up some unexpected results and shake up the Champions League winner odds.A current look at the Champions League winner oddsBelow are the latest Champions League 2026-27 winner odds.After a lacklustre start to the season, PSG have been replaced as outright favourites by blistering Barcelona. Arsenal, who have a 100% record in the Premier League, are the same price as Luis Enrique’s side at 11/2.PSG’s slight drift could represent value given they often start slowly. In 2024-25, they finished 15th in the league phase; in 2025-26, they came 11th – and still won the Champions League on both occasions.There have been no major moves in the betting market at this early stage of the season, but Atletico Madrid have drifted considerably after winning just two of their opening four La Liga matches.League phase position will also be key to these prices, with a top-eight finish sending teams straight into the last 16 and avoiding the February play-off round and two additional games.Champions League title favouritesIt’s a three-way battle at the top of the market, with Barcelona, PSG and Arsenal clear of the chasing pack.BarcelonaBarcelona feel closer than ever to ending their 11-season wait for a major European trophy, with Hansi Flick’s attacking side already looking formidable.They have scored 17 goals in their opening four La Liga matches, with Lamine Yamal and Raphinha leading a box-office attack. The departures of Robert Lewandowski and Ferran Torres have been offset by the £130m spent on Anthony Gordon and Karim Adeyemi, while Rodri’s arrival could prove particularly important at the other end of the pitch.Barcelona have conceded just twice in La Liga, while their expected goals against figure is the lowest of any side in Spain’s top flight. However, Flick’s high defensive line remains a potential weakness against Europe’s best attacks, as was exposed last season.The difference this time is that Barcelona’s young core has another year of Champions League experience behind it, while the squad looks better equipped defensively to give their attack the platform to thrive. Get Barca to win their first UCL title since 2015 at 6/1 with Midnite Paris Saint-GermainParis Saint-Germain are chasing history as they look to become only the second club in the Champions League era to win three consecutive titles, after Real Madrid’s three-peat between 2016 and 2018.Luis Enrique’s “galactico-less” approach has delivered back-to-back crowns, with PSG beating Arsenal on penalties after a 1-1 draw in last season’s final in Budapest. Rather than relying on superstars, Enrique has built a deep, youthful squad based on relentless pressing and tactical fluidity.Their terrible start raises questions, though. PSG have endured their worst Ligue 1 start in almost 20 years, taking just two points from their opening three games after also losing to Lens in the Trophee des Champions.However, PSG were far from their best in the league phase in each of their last two title-winning campaigns before peaking at the perfect time. With Bradley Barcola, Goncalo Ramos and Ibrahim Mbaye departing and £100m of new arrivals needing time to settle, it should only be a matter of time before the new-look attack clicks. Can PSG win it three times in a row? Back them at 11/2 with BOYLE Sports ArsenalLosing on penalties in last season’s Champions League final was a brutal way for Arsenal to fall short, but there is a sense the experience will only have emboldened Mikel Arteta’s side this season.Now Premier League champions, Arsenal have started their title defence with the swagger of champions, winning all of their opening Premier League games while conceding just once.Their defensive record is the foundation of their European credentials, too, having won all eight league-phase games last season with five clean sheets and conceding just four goals. They also went 15 matches without losing in 90 minutes.Their watertight defence has been strengthened further by the arrival of England international Ezri Konsa, while £80m Bruno Guimaraes adds quality in midfield. There were no major departures either.The only question is whether Arsenal have the killer edge in the biggest games. Julian Alvarez stayed put, leaving Victor Gyokeres and Kai Havertz as their striking options. Both offer quality, but neither has the ruthlessness of, say, an Erling Haaland. Get Arsenal to go one better at 11/2 with bet365 Champions League dark horsesOutside of the top three in the betting market sit the dark horses. Sides with more than enough quality and pedigree to claim the ultimate prize, but with a few more unanswered questions leading to juicier odds.Bayern MunichPerhaps it’s rude to label six-time European champions Bayern Munich as dark horses, but it has been seven years since they last lifted the trophy, with last season’s semi-final defeat to Paris Saint-Germain another frustrating near-miss.Vincent Kompany’s side have been consistently dominant domestically, but need to turn that into another deep European run. Bayern always progress from the league phase and tend to fill their boots, yet they have been knocked out in the quarter-finals four times and semi-finals twice since their 2019-20 triumph.Goals are unlikely to be an issue with Harry Kane. The England captain scored 73 goals in 2025-26, including 14 in the Champions League, as Bayern scored 43 times in 14 games and won 11, losing only twice. That was more victories than PSG managed, yet one knockout defeat ended their campaign. Whether bad luck or a psychological hurdle, Bayern need to find a way through.Ismael Saibari and Nathaniel Brown have freshened things up, but Bayern have not spent as heavily as their biggest rivals this summer. Perhaps they didn’t need to, though, with a settled squad containing the likes of Michael Olise, Luis Diaz and Kane. Ride with ‘dark horses’ Bayern Munich at 11/2 with SBK Real MadridPut simply, the Champions League belongs to Real Madrid. The 15-time winners are the competition’s most successful club, and a 16th triumph would extend their record even further.But after two seasons without a trophy of any kind, they have turned to two-time Champions League winner Jose Mourinho. Madrid have been eliminated in the quarter-finals in each of the last two seasons and have not gone three consecutive campaigns without reaching a semi-final since 2010.The Champions League was the one major honour Mourinho failed to win during his first spell in Madrid, but he has been given the tools to remedy that, with around £200m spent on new recruits.Yan Diomande, Marc Cucurella, Bernardo Silva, Denzel Dumfries and Ibrahima Konate have all arrived, joining world-class duo Kylian Mbappe and Jude Bellingham.Yet perhaps their biggest strength remains the Bernabeu. Madrid have produced countless Champions League comebacks there, most famously against Manchester City in 2022 when Rodrygo scored twice after the 90th minute to force extra time.It’s also worth noting the final is also being played at Atletico Madrid’s Metropolitano, giving Madrid the chance to lift the trophy in their own city and on enemy territory. Back Jose to end the drought at 6/1 with Betfred Manchester CityManchester City seem to be flying under the radar, with big prices available on the 2022-23 Champions League winners.The departure of Pep Guardiola and arrival of Enzo Maresca, who is relatively inexperienced in the Champions League having managed just six games in the competition, has clearly affected their price.But have the bookies overestimated that impact? Guardiola’s record was hardly stellar in his final three campaigns, with City’s exits coming in the quarter-finals, play-offs and last 16.The loss of hugely experienced trio Rodri, John Stones and Bernardo Silva has also contributed to City being priced at 9/1 to go all the way. Yet they have spent around £440m rebuilding the squad over the past two windows.Enzo Fernandez, Elliot Anderson, Ayyoub Bouaddi, Iliman Ndiaye and Allan have been among the arrivals, and then there’s Erling Haaland – one of Europe’s most lethal strikers, who has netted 59 goals in 59 Champions League games.City have started with a 100% domestic record, and if Maresca can get them firing in Europe, their bigger outright price could prove very tempting. Enzo to outdo Pep? Take a punt on Man City to win the UCL at 9/1 with BOYLE Sports Who will look to break up the order?Can anyone outside the elite group of six upset the apple cart and storm their way into the latter rounds?The bookies think six-time European champions Liverpool are the most likely. The Reds, now with Andoni Iraola in charge, have the pedigree, having lifted the trophy in 2019 and reached the final in 2022.They’ve also been unfortunate with their draws in the last two seasons, running into eventual champions Paris Saint-Germain on both occasions. However, defensive concerns remain, while Iraola has never managed in the competition.Manchester United are back under Michael Carrick, who won the trophy as a player in 2008. Their 26th appearance in the Champions League proper is an English record, but the squad looks short of the quality required to trouble the latter stages.Inter continue to be disrespected in the betting at 40/1 with bet365. The Italian champions have reached two finals in four seasons and have recruited well this summer.Aston Villa arrive as Europa League winners but have lost six starters from that final, while Atletico Madrid will be desperate to make home advantage count with the final at their Metropolitano. It’s worth noting that Diego Simeone’s side have also reached at least the semi-finals in four of their last 13 campaigns Show Inter Milan some respect at 14/1 with bet365 to reach another final My favourite betting picks ahead of the Champions League seasonBelow are my three best bets for the 2026-27 Champions League.Outright winnerBarcelona are the standout option in this year’s Champions League. The significance of Rodri’s arrival in addressing their defensive troubles in Europe simply cannot be underestimated, while their attacking options are perhaps the pick of all the sides in this year’s competition.They also boast proven winners who know knockout football, with the likes of Lamine Yamal, Rodri and Pau Cubarsi, alongside several others who lifted the World Cup earlier this year.While plenty of their rivals are going through big transitions, Barcelona are stable and have only strengthened their stacked squad. Get Barcelona to win the Champions League at 6/1 with Midnite Nationality of winnerSpain at 2/1 is extremely tempting for a number of reasons.As mentioned above, Barcelona are my favourites to collect the ultimate prize, while you get two-time Champions League winner Jose Mourinho returning to a heavily strengthened Real Madrid squad.Then there is the added benefit of Atletico Madrid having the final at their stadium, with Diego Simeone a proven entity when it comes to navigating his way through knockout competitions.English clubs are the favourites in this market at 6/4, but other than Arsenal, all have more questions than answers. Manchester City have a new manager, Liverpool have a new manager, Aston Villa have been decimated, and Manchester United look short of the quality required to go deep. Back a Spanish team to win the Champions League at 2/1 with BOYLE Sports Top of the league phase tableReal Madrid look a tempting bet to finish top of the league phase at 7/2. They have been handed a favourable draw, with Inter and Arsenal the only obvious heavyweight tests among their eight opponents.Leipzig, Roma, PSV, AEK Athens, LASK and Shakhtar Donetsk should all be games Mourinho’s side expect to win. Finishing first brings the best seeding and avoids the February play-offs, so Jose Mourinho will not be taking the initial stages lightly.It is worth remembering, though, that topping the league phase has not always been a reliable guide to winning the trophy. Back Real Madrid to finish top of the league phase at 7/2 with BOYLE Sports What do previous Champions League winners have in common?How to spot a Champions League winner? Unfortunately, it’s not a science, but there are a few important commonalities that winners tend to share.Squad depth is one of them. With a finalist potentially playing 17 matches, injuries, suspensions and fatigue can quickly expose a squad lacking quality beyond its strongest XI.As Sir Alex Ferguson once said: “Attack wins you games, defence wins you titles.” So an experienced and settled defence is usually key to advancing to the latter stages – we saw that last year with Arsenal’s journey to the final, while free-scoring Barcelona exited at the quarter-final stage.At the other end, having a forward who can deliver in the biggest moments is another obvious advantage. So too is experience of knockout football, both for the players and the manager, particularly when navigating two-legged ties. There’s a reason 21 coaches have lifted the European Cup/Champions League trophy more than once.The new league-phase format has added another consideration. Finishing in the top eight means avoiding the February play-offs, removing two potentially gruelling fixtures from the schedule.It’s for those reasons I’d be tempted to pick Arsenal as the highest-finishing English side in the league phase at 6/4 with bet365.The Gunners tick all those boxes, with an experienced and settled defence, plenty of squad depth and a full season of Champions League experience behind them.The same cannot be said for their Premier League rivals, with Manchester City and Liverpool both under new managers, Manchester United struggling for clean sheets and Aston Villa dealing with a high turnover of players. Arsenal to be the highest-placed English side in the league phase at 6/4 with bet365 What other boosts and offers could appear during the Champions League season?There will be no shortage of offers and price boosts on Champions League nights, particularly in the league phase with so many fixtures and some heavyweight ties. Many will revolve around player shots on target or to score, while others will be on wins and even the total number of goals scored on any particular night.It’s also true that the knockout rounds usually see the best acca and Bet Builder offers, given the sheer number of games and the disparity between some sides, which can often lead to goals.FAQs about the Champions LeagueBelow are some of the most frequently asked questions about the Champions League.1. How does the league phase work, and how quickly can the odds change?The Champions League now has 36 teams in one league table, with each side playing eight fixtures. The top eight go straight through to the last 16, while teams finishing ninth to 24th enter a play-off. That means one bad result can quickly change the picture.A defeat for one of the favourites could see their outright price drift, while a big win for an outsider could see their odds shorten. There is plenty of movement during the league phase, with teams regularly rising and falling several places after just one matchday.2. Has any team ever won three Champions Leagues in a row?Yes. Real Madrid won three in a row in 2016, 2017 and 2018. Before that, the feat was achieved three times in the European Cup, with Real Madrid winning five straight from 1956 to 1960, Ajax winning three from 1971 to 1973 and Bayern Munich winning three from 1974 to 1976.PSG are therefore aiming to become only the fourth club to win three European Cups or Champions Leagues in a row.3. How often have the bookies been right with the pre-season favourites?The bookies get it right often enough, but there have been plenty of surprises over the years. Real Madrid, PSG and Manchester City have all won as pre-season favourites, but there have been some notable upsets too.Porto won in 2004 after starting the competition at around 40/1, while Chelsea were around 20/1 before their 2012 triumph. Liverpool’s 2005 win and Inter’s 2010 success were further examples of sides outside the obvious favourites getting their hands on the trophy.4. Does finishing top of the league phase mean anything?It certainly helps, but it is no guarantee of winning the trophy. Liverpool topped the league phase in 2024/25 before being knocked out by PSG in the last 16. Arsenal then went one better in 2025/26, winning all eight games to finish first, but lost to PSG in the final.Interestingly, PSG finished just 15th and 11th in those two league phases respectively, yet won the trophy on both occasions. Finishing top gives teams a better route through the knockout stages, but recent history suggests it is far from essential. Read more about the Premier League during the 2026/27 seasonPremier League top 4 oddsPremier League relegation oddsPremier League refereesGolden Boot oddsAbout the authorGreg LeaGreg Lea is a freelance football writer from London. He predominantly covers the Premier League and has had work published by the Guardian, FourFourTwo, ESPN and others.Follow Greg on X: @GregLeaFootballCommercial content notice: Taking one of the bookmaker offers featured in this article may result in a payment to talkSPORT. 18+. T&Cs apply.Remember to gamble responsiblyA responsible gambler is someone who:Establishes time and monetary limits before playingOnly gambles with money they can afford to loseNever chase their lossesDoesn’t gamble if they’re upset, angry or depressedGamcare – www.gamcare.org.ukFind our detailed guide on responsible gambling practices here.For help with a gambling problem, call the National Gambling Helpline on 0808 8020 133 or go to www.gamstop.co.uk to be excluded from all UK-regulated gambling websites.