Back in May, Paris Saint-Germain successfully clung on to their throne atop the European football mountain when they defended their Champions League title against Arsenal in Budapest. The Parisians famously claimed the trophy for the first time ever in 2025 with a historic 5-0 rout of Inter Milan in Munich, but the second time around, they would have to show their grit as opposed to their class. Kai Havertz gave the Gunners an early lead, but the defending champions struck back through Ousmane Dembele, before misses from Eberechi Eze and Gabriel Magalhães in the shootout saw the trophy head back to the City of Love once more.
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Now, Luis Enrique's side is on the hunt for a famous three-peat, and online betting sites list them among one of the five clear frontrunners to be there or thereabouts by the time the Madrid finale rolls around next June. The latest odds from Lucky Rebel Sportsbook currently position PSG as a narrow 11/2 joint-second favorite alongside both Arsenal and Bayern Munich, with Barcelona considered the outright frontrunner at 5/1, and their archrivals Real Madrid certainly among the contenders at 6/1. Then comes Manchester City, who are the sixth and final team listed at odds of 10/1 or under, with the same popular bookmaker currently listing them at 9/1.
But the Champions League always delivers shocks. Last season, Atletico Madrid stunned compatriots Barca in the quarterfinals as a 2-1 win in the Camp Nou set them on their way to a shock semifinal appearance. Two years prior, Borussia Dortmund upset a Kylian Mbappe-powered Paris Saint-Germain to seal their spot in the final, despite finishing down in fourth place in the Bundesliga that year. So, which teams outside of that aforementioned market-leading six-pack could be the ones to spring a shock this season? Here are our teams to watch.
Inter Milan — 33/1
Italian football continues to get less and less respect on the continental stage. Inter Milan reached two finals in as many years in 2023 and 2025, only to come up empty-handed on both occasions. They romped to the Scudetto by 11 points last term, and they have already begun their title defense with four straight wins, but still the bookies consider them a lengthy outsider to make a splash in the Champions League this term. Christian Chivu's men are currently way out at 33/1, despite their recent continental pedigree and their blistering domestic form, potentially providing some value for punters.
Captain Lautaro Martinez remains one of Europe's most prolific marksmen, a striker capable of winning games on his own on his day. Add to that a staunch defense anchored by Alessandro Bastoni and talented playmaker Nicolò Barella just ahead of him, and the Nerazzurri are more than a match for anyone, especially in the raucous San Siro once the knockout stage gets underway. However, there are some causes for concern that the bookies have likely taken into account.
Last season, Inter were stunned in the knockout playoff round when they were beaten home and away by Norwegian minnows Bodø/Glimt, with the defeat in the second leg on home turf particularly concerning. Many had expected Chivu's men to handily overturn the 3-1 first-leg deficit in the San Siro, but they would shockingly lose 2-1, confirming a 5-1 aggregate defeat and handing the Nerazzurri their earliest exit from the tournament in five years.
Their 2026/27 European campaign began with a spirited 2-1 defeat away at Real Madrid, a game in which Inter dominated for long periods, only to be undone by costly personal errors. If they can cut them out when the pressure ramps up after the turn of the year, there's a very real chance they could mount a charge to the semifinals and perhaps beyond.
Atletico Madrid — 40/1
It seems like Atletico Madrid find themselves on lists like this every season, and 2026/27 is no different. Diego Simeone famously led his beloved Rojiblancos to two finals in three seasons in 2014 and 2016, painfully losing to cross-city rivals Real on both occasions, firstly in Lisbon and then in Milan. Last season, they very nearly banished those ghosts as they reached the semifinals for the first time in nine years, only to narrowly lose out to Arsenal after cagey clashes at the Metropolitano and the Emirates.
This summer has been one of upheaval on the red and white half of the Spanish capital. The talismanic Antoine Griezmann left the club to wind down his career in the MLS, while long-serving defender José María Giménez has also been sent out on loan with his best days clearly behind him. Not only that, but the future of star player Julián Álvarez is also a major cause for concern.
The Argentinian attempted to force through a move to rivals Barcelona this summer, but Atleti stood firm and refused to sanction the transfer. As a result, the 26-year-old has been limited to just two substitute appearances so far this season and has been roundly booed by his own supporters every time he has pulled on the famous red and white shirt.
But there are plenty of reasons for optimism. The new-look strike force of former PSG man Kang-in Lee, Spanish World Cup star Alex Baena, 2024 Europa League winner Ademola Lookman, and Argentina's Giuliano Simeone, son of manager Diego, has looked devastating in La Liga so far this term. Not only that, but the arrival of former Tottenham captain Cristian Romero and former Sporting captain Morten Hjulmand has provided some of that traditional Atleti steel that has served them so well over the years.
This year, Atleti's Metropolitano home will host the final, providing extra motivation for Simeone's men to not only host European football's biggest party, but also to feature in it. The stadium is famously one that none of Europe's big boys ever like to visit, with its deafening atmosphere enough to throw the continent's very best off their game. If they can reach the quarterfinals, they may very well find a way to spring more shocks en route to a first final in 11 years
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