Manchester City - World class talent almost unbeatable on their day
Exchange odds: 4.84/1
On their day almost no team in the world can compete with Manchester City's style of football. Pep Guardiola is the ultimate puppet master and arguably the best manager in the world. The squad is one of the most expensively assembled ones of all time and jam-packed with world-class players such as Kevin de Bruyne, Ederson, Raheem Sterling and Sergio Aguero. The way they create endless chances from all angles and operate like the most finely tuned of all machines makes them a nightmare to play against.
They've failed to replicate their Premier League performances in Europe. If exits at the hands of Real Madrid and Barcelona in the past few years can be excused, going out to Monaco, Liverpool and Spurs in the past three seasons is less understandable. After all, if they were finishing above the last two in the league, then why were they finding it so hard to beat them over two legs in Europe?
Key player: Raheem Sterling.
Possible opponents: City are in Pot 1. They obviously can't face English opponents at this stage and there will be no Barcelona face-off for Guardiola at this stage. It should be plain sailing for the time being at least.
Barcelona - Recent 'bottle jobs' need rectifying
Exchange Odds: 6.411/2
You'll do well to find a more fearsome front three in world football than Lionel Messi, Luis Suarez and Antoine Griezmann. Ousmane Dembele provides the back-up. If they can gel as a unit, they can tear anyone apart and will always score goals between them.
Twice in the last two years they've thrown away a tie from a winning position. Roma two years ago, Liverpool last year after going into the second leg 3-0 up. Proper bottle jobs the pair of them that they'll need to rectify if they want to go on and win it this year.
Key player: Lionel Messi
No Group Stage match against Bayern Munich, who they've loaned Philippe Coutinho out to. Both are Pot 1 and there will also be no grudge match against Griezmann's former club Atletico Madrid as they can't face another Spanish opponent at this stage.
Liverpool - Marauding full-backs make Reds difficult to tame
Exchange odds: 8.27/1
In Alexander Trent-Arnold and Andy Robertson they have a very different sort of threat to most other teams. It's one thing having a plan to cancel out attackers but the runs of their marauding full-backs is a very different sort of beast to try to tame. And even if you can keep those two in check, the holy trinity of Salah-Mane-Firmino, each with their own set of skills, can be an even harder challenge.
Their away form last season was pretty poor, losing all three of their away Group games and then getting thrashed 3-0 by Barcelona in Spain. There are only so many times they can rely on the Kop's atmosphere to bail them out at home.
Key Player: Virgil Van Dijk
They could face Napoli in the Group Stages for a second successive year. They lost away and narrowly won at home when anything but three points would have seen them crash out.
Real Madrid - Side in transition but they have pedigree
Exchange Odds: 10.09/1
Zinedine Zidane has a weird knack for knowing what it takes to win this competition. His three consecutive wins tore apart everything we knew about how hard it is to defend this title. Before him, no side had ever won back-to-back Champions Leagues and to make it even more commendable, he went on to do it a third time in a row. Assuming they get to the knockout stages, no-one will want to play them.
This is very much a side in transition and it's too early to know how players like Luka Jovic, Eder Militao and Rodrygo will settle, though Eden Hazard's integration will no doubt be a lot smoother. If Jovic doesn't adapt quickly enough to a new side and a new system they might be a little lightweight upfront.
Key Player: Eden Hazard
After last season's early exit, they're in Pot 2. Given they can't face Spanish opponents, it's somewhat likely that one of Liverpool, Chelsea or Man City will have to play them in the Group Stages.
Paris Saint Germain - Domestic dominance is arguably their downfall
Exchange Odds: 11.010/1
Their dominance in Ligue 1 is so great that they can pretty much rest whoever they want ahead of a Champions League tie and win on the domestic front whichever XI they put out. Not that that strategy has served them well in the past few years, mind.
The lack of proper competition on the home front means they're not battle-hardened when the real business comes about.
In Neymar they have their best player but also their greatest liability. Both his on-field and off-field exploits tend to do the team more harm than good and they could really do with letting him go and starting a fresh chapter in their history.
Key Player: Kylian M'Bappe
They might have to face one of the two Madrids, Napoli, Dortmund or a much-improved Benfica in the Group Stages but should qualify relatively comfortably whoever they're up against.
Juventus - Strong squad and Sarri is now a winner
Exchange Odds: 14.5
Juventus have one of the strongest squads in Europe at the moment and when injuries, fatigue and suspensions start to kick in, that could make a huge difference. There's no evidence that star man Cristiano Ronaldo's powers are waning, either.
Maurizio Sarri may have finally won his first-ever trophy as a Manager when Chelsea impressively took the Europa League last season but he's way behind plenty of other bosses in this competition when it comes to claiming silverware, Has he finally turned the corner or was that a one-off?
Key Player: Cristiano Ronaldo.
Assuming Ajax beat Apoel Nicosia in the Play-Off, there could be an intriguing re-match with the Dutch giants, who famously knocked them out against all odds last year. Although of course this time, Matthijs de Ligt will be turning out for Juve.
Tottenham - More attacking options but a Kane injury a big worry
Exchange Odds: 29.028/1
Some big summer signings mean they have more options in attack than in previous years with five or six strong options to occupy those three positions just behind the striker. In Mauricio Pochettino they have one of the finest managers in Europe who can expertly set up his side in plenty of different ways depending on the occasion.
There's no ready-made replacement for Harry Kane. Son Heung-min can do a job there and has done in the past but they never look quite the same when the England striker is absent and he has a worrying habit of getting injured at crucial stages of the season.
Key Player: Harry Kane.
The only English side to be in Pot 2 so because they can't be up against another Premier League team, it will be one of Barcelona, Bayern Munich, PSG, Juventus or Zenit. Should qualify one way or another whoever they get.
Chelsea - Not much going for Blues at this level
Exchange Odds: 38.037/1
Hmm, it's hard to find a trump card Chelsea have that others don't. Frank Lampard is very new to this business as a manager so it will be a real baptism of fire.
Probably more about his younger players picking up invaluable experience than actually thinking they can win it.
Their transfer ban has meant they can't strengthen their side in a few key positions with their defence looking particularly vulnerable.
Key Player: N'Golo Kante.
Being in Pot 1 at least means they avoid most of Europe's giants and that could be the difference between progressing or not. If they draw one of the two Madrids, you'd think they're playing for second place there.
Who's the value?
It's the mother of all footballing clichés but this looks one of the most open Champions Leagues in recent years.
Juventus are worthy of interest after a couple of key summer signings with de Ligt arguably the most important of them. They have plenty of options in all areas and another prolific campaign from Ronaldo will give them every chance to do what they haven't done in almost 25 years.
There's no reason to think Liverpool won't be there or thereabouts either after keeping the same squad and looking impressive in the first few weeks of the season. Splitting stakes between those two should give you a good run for your money.