Paris Saint-Germain enter the 2026/27 Champions League as the team everyone else has to catch. The French champions retained the trophy in May, beating Arsenal 4-3 on penalties after a 1-1 draw in Budapest, and became the first club since Real Madrid in 2018 to successfully defend the Champions League. A third consecutive title would put PSG alongside one of the defining European runs of the modern era.
That status is already reflected in the early expectations for the new season. PSG are widely positioned among the leading contenders, with Bayern Munich, Arsenal, Barcelona, Manchester City and Real Madrid forming the strongest group of challengers. For supporters who follow how those expectations move over time, Betfair Exchange provides an exchange-based alternative to traditional fixed-odds markets. The linked BetInAsia page explains how users can access the exchange, where participants can take opposing positions and prices can change as demand shifts around teams, players and match outcomes.
The competition itself will soon become clearer. UEFA has scheduled the 2026/27 league-phase draw for August 27, with the first league-phase matches taking place from September 8 to 10. Until then, the strongest evidence comes from recent European performance, squad quality and each club’s ability to survive a long campaign.
PSG remain the team to beat
PSG have moved from chasing their first European Cup to defending it twice in the space of two seasons. Their 2026 final showed a different side of the team from the previous year: Arsenal led through Kai Havertz after six minutes, but Ousmane Dembélé equalised from the penalty spot in the second half before PSG won the shootout.
That ability to win in different ways matters. Luis Enrique has built a side capable of controlling possession, pressing aggressively and surviving difficult knockout ties. PSG also returned from the summer by winning the UEFA Super Cup against Aston Villa, reinforcing the sense that the core of the team remains highly competitive.
Arsenal have unfinished business
Arsenal may have the clearest motivation of any challenger. They reached the 2026 final and were one penalty shootout away from the first Champions League title in the club’s history. Their run also confirmed that they can now compete deep into the tournament rather than simply treating qualification for the latter stages as progress.
The next challenge is repeating that level across another full European season. Arsenal will be judged against PSG, Bayern and the Spanish giants from the opening league phase onward, and the margins will be small. After going so close in Budapest, anything short of another serious knockout run would feel like a step backwards.
Bayern Munich bring experience and depth
Bayern Munich remain one of the safest clubs to include in any group of Champions League contenders. They have won the European Cup six times and reached the 2026 semi-finals, where PSG edged them 6-5 on aggregate after two high-scoring matches.
That defeat underlined both Bayern’s strength and the fine margins at this level. A club with their European pedigree, attacking quality and expectation of domestic success will always be dangerous once the knockout rounds begin.
Real Madrid, Barcelona and Manchester City cannot be ignored
Real Madrid remain the historical reference point in this competition. Their 15 European Cups are more than twice the total of AC Milan, their closest rival, and their recent record means that a quieter season rarely removes them from the conversation for long.
Barcelona are also back among the teams expected to challenge at the highest level, while Manchester City have already shown that they can convert years of domestic dominance into Champions League success. Together with PSG, Arsenal and Bayern, they form a group with enough quality to make a third straight Paris triumph extremely difficult.
For more historical context on the competition, Footballdive has previously looked at Champions League record breakers and iconic games, a useful reminder of how quickly reputations can change once the knockout rounds begin.
Most successful clubs in European Cup and Champions League history
UEFA counts the original European Cup and the modern Champions League together when presenting the competition’s historical winners. Real Madrid remain far ahead, while PSG’s consecutive titles have moved them into the group of clubs with two victories.
| Club | Titles |
|---|---|
| Real Madrid | 15 |
| AC Milan | 7 |
| Bayern Munich | 6 |
| Liverpool | 6 |
| Barcelona | 5 |
| Ajax | 4 |
| Inter Milan | 3 |
| Manchester United | 3 |
| Benfica | 2 |
| Chelsea | 2 |
| Juventus | 2 |
| Nottingham Forest | 2 |
| Paris Saint-Germain | 2 |
| Porto | 2 |
The table also shows why PSG’s recent rise is significant. Before 2025, the club had never won the competition. Two seasons later, they sit level with Benfica, Chelsea, Juventus, Nottingham Forest and Porto on two European titles.
Champions League winners since 2000
The list of winners since the turn of the century shows how rare sustained dominance has become. Real Madrid produced the outstanding modern sequence with three consecutive titles from 2016 to 2018. PSG are now the first club to win back-to-back editions since that run.
| Year | Winner |
|---|---|
| 2000 | Real Madrid |
| 2001 | Bayern Munich |
| 2002 | Real Madrid |
| 2003 | AC Milan |
| 2004 | Porto |
| 2005 | Liverpool |
| 2006 | Barcelona |
| 2007 | AC Milan |
| 2008 | Manchester United |
| 2009 | Barcelona |
| 2010 | Inter Milan |
| 2011 | Barcelona |
| 2012 | Chelsea |
| 2013 | Bayern Munich |
| 2014 | Real Madrid |
| 2015 | Barcelona |
| 2016 | Real Madrid |
| 2017 | Real Madrid |
| 2018 | Real Madrid |
| 2019 | Liverpool |
| 2020 | Bayern Munich |
| 2021 | Chelsea |
| 2022 | Real Madrid |
| 2023 | Manchester City |
| 2024 | Real Madrid |
| 2025 | Paris Saint-Germain |
| 2026 | Paris Saint-Germain |
Can PSG make it three in a row?
PSG deserve to begin 2026/27 as the benchmark. They are back-to-back champions, have proved they can win both dominant and tight knockout matches, and enter the new season with the confidence of a team accustomed to trophies.
A third consecutive Champions League would still be an extraordinary achievement. Arsenal have the strongest possible motivation after losing the final on penalties. Bayern bring six European Cups of experience. Barcelona and Manchester City have the quality to make deep runs, and Real Madrid’s record means they can never be dismissed for long.
PSG start as the team to beat, but the gap is narrow enough to make the 2026/27 Champions League one of the most open title races in Europe. The league-phase draw on August 27 will provide the first real indication of which contender has the clearest route toward the 2027 final.
