I think after COVID alot of big teams had lower spending, which enables smaller teams to compete. I definitely feel as if the gap between the elite teams and the second tier teams is smaller. Even clubs that have still been spending like Psg are clearly struggling. I don't feel as if there is a huge gap between Real Madrid, Bayern, man cty when compared to Atletico, inter and arsenal.
I could definitely see some upsets and surprise finalists in this years completion. Psg might not make it out of the group phase. Barcelona is still psychologically struggling to recover from the Valverde era. Real looks good, but they aren't dominant in a scary way. Bayern looks good but they aren't even first in their league this year. Even man city looks less dominant this year.
I definetly think we'll see some surprises this year. I think even man united can be a threat in the next round. They have had a lot of injuries which people overlook. They haven't had their starting fullbacks, and a lot of their midfielders have been out through the season so far. Despite that they only have one less win than man city in the league. If they can make it out of the groups we could see a different team by the time ro16 begins.
Monaco 2016/17, the closest a random club will ever get to winning a treble or quadrubple.