So here we go again. The draw for the 2026-27 Champions League takes place this evening, and although 36 clubs will comprise the third season of the new ‘Swiss League’ format — one giant table in which each side plays eight games — only a handful of them are genuine contenders to lift the trophy in Madrid next June.Can PSG win for a third successive year? Can Arsenal go one step further and become champions of Europe for the first time? Will Barcelona reach their first final since 2015?And how do we assess each side right now? This is The Athletic’s definitive — but also entirely subjective and, yes, extremely debatable — ranking of them all, from 36 to No 1.36. SabahSabah were only formed in 2017, but they became the second Azerbaijani team in history to qualify for the Champions League after a comeback win over Hapoel Be’er Sheva. They toppled Qarabag last season in domestic league football, while their Lithuanian manager Valdas Dambrauskas appeared on a quiz show to raise money for his coaching badges. An incredible story, but they are surely up against it.35. Slovan BratislavaWith an extra-time win over Celje, Slovan have lost just one of their last 18 competitive games. Their coach is a certain Yaya Toure, and they have won the Slovakian league eight times in a row. They look to former Middlesbrough striker Andraz Sporar for goals, while Armenian winger Tigran Barseghyan is creative and loves a shot from distance.Last time out in the Champions League, they lost all eight of their games and conceded 27 goals, so they have work to do.Yaya Toure will impact the Champions League this season as coach of Slovan Bratislava (Ozan Kose / AFP via Getty Images)34. VikingHere’s another side who ended domestic dominance with a surprise title win last season, Viking pipped Bodo/Glimt to the title and are currently one point behind them at the top of the table this season. Zlatko Tripic scored in both legs as they saw off Dinamo Zagreb to reach the group stage for the first time, and the 33-year-old winger is in the form of his life, having racked up 14 assists in the Norwegian top flight already this season; no other player has more than six.33. LASKTheir incredible win over Celtic — recovering from a 4-0 deficit to win 5-4 — will go down as one of the greatest Champions League comebacks. LASK won the Austrian title for the first time in 2025-26, with a dynamic strike partnership of Moses Usor and Samuel Adeniran leading the way. Manager Dietmar Kuhbauer has them playing an expansive 3-5-2, with Panamanian centre-back Andres Andrade the star passer from the back.32. AEK AthensThree of AEK’s last five games have ended 4-0 to the Greek capital side, including a comprehensive win over Levski Sofia to book their place. There are a few familiar names throughout the squad: Luka Jovic leads the line, while former Wolfsburg midfielder Lovro Majer made a high-profile move in the summer.Fans of Luka Jovic should keep an eye on AEK Athens this season (Denis Doyle/Getty Images)31. Slavia PragueThe Czech champions briefly threatened an upset against Barcelona in the league phase last season, going ahead in sub-zero temperatures in Prague before the Catalan side turned up the heat to win 4-2. Under head coach Jindrich Trpisovsky, Slavia play a direct, physical style while pressing with surprising intensity. Ultimately, though, no tactical scheme can bridge the vast gap in player quality between them and Europe’s elite, and they failed to win a single game in last season’s tournament.30. FenerbahceFenerbahce have invested heavily in the last few years, and their away win at French side Lyon shows that they should be taken seriously. Towering Kosovan striker Vedat Muriqi leads the line with Romelu Lukaku vying for his spot, while Mason Greenwood and Nathan Ake have made strong starts to their Super Lig careers.29. StuttgartHighly regarded young coach Sebastian Hoeness has transformed Stuttgart since taking over in 2023. The 44-year-old has steered them from relegation trouble to a second Champions League qualification in three seasons with an attractive style of play. Having held on to key defensive midfielder Angelo Stiller and made talented former Leicester City attacker Bilal El Khannouss’s loan deal permanent, there is hope that they can finally reach the knockout stage for the first time since 2010.28. GalatasarayIn Victor Osimhen, Galatasaray possess one of the game’s most reliable goalscorers, with the Nigerian having reached double figures in each of his last eight league campaigns.Sadly, that consistency does not extend to the rest of the squad. Galatasaray squandered a 5-2 first-leg lead against Juventus in last season’s play-off round, despite having a man advantage for most of the game. They eventually limped through after extra time, losing 3-2 on the night, but the tie summed up their capacity for the sublime and the ridiculous.Victor Osimhen always gives Galatasaray a chance in the Champions League (Ozan Kose / AFP via Getty Images)27. LensAfter a breakout Ligue 1 season in which they finished second behind PSG, Lens have experienced an old-school Premier League shakedown. Brentford have pilfered their talented midfield linchpin Mamadou Sangare, while Crystal Palace prised away former manager Pierre Sage. A talented squad remains, but stripped of these key figures, it is hard to see Lens making a serious dent in the competition.26. FeyenoordThe sad truth is the once-venerated Dutch club game is no longer a major European force. No Eredivisie side qualified for last season’s knockouts, and Opta now considers it a weaker league than the Championship, England’s second tier. This does not bode particularly well for Feyenoord, who finished a hefty 19 points behind 2025-26 Eredivisie champions PSV.25. Shakhtar DonetskWatching Champions League evenings unfold at Stamford Bridge without its usual inhabitants, Chelsea, will take some getting used to. But Shakhtar Donetsk’s very existence has been one of constant adjustment since Russia invaded Ukraine, and they should receive healthy diaspora support at their temporary west London home. There is one reassuringly familiar aspect to this Shakhtar team, though: it is jam-packed with Brazilians. The Ukrainian side is an established gateway into European football for Brazilian talent, so expect a healthy serving of jogo bonito at Stamford Bridge during the competition.24. Bodo/GlimtWe have underestimated Bodo/Glimt before, so after their incredible run to the knockouts last season, beating Inter Milan, Atletico Madrid and Manchester City along the way, they deservedly shoot up the rankings. Bodo are in devastating form, unbeaten in their last 16 and scoring 57 along the way, and boast some exciting attacking talent in Jens Petter Hauge and box-to-box midfielder Patrick Berg.23. VillarrealVillarreal’s performance in this competition last season was, frankly, pathetic. They mustered a single point, losing seven of their eight league-phase games. It was a bizarrely limp showing, particularly when set against their strong domestic form, which saw them finish third in La Liga, ahead of eventual Champions League semi-finalists Atletico Madrid. Surely they can only improve this time around?Villarreal’s 2025-26 Champions League campaign was abysmal (Mateo Villalba Sanchez/Getty Images)22. Real BetisReal Betis are back in the Champions League for the first time in 21 years, and only the second time in their history. Their fervent supporters will savour every second of it. Seasoned operator and all-round good guy Manuel Pellegrini is a calm, dependable presence in the dugout. On the pitch, former Manchester United flop Antony provides the stardust, continuing his remarkable renaissance in Seville. They’ll need a bit of luck to progress. Handy, then, that they have just signed Irish footballing hero Troy Parrott to bolster their attack.21. Club BruggeClub Brugge are one of those dastardly well-run clubs with an uncanny knack for unearthing talented young gems. They sold their latest diamond, 24-year-old Greek forward Christos Tzolis, to Arsenal this summer for £34million ($46.4m). Tzolis scored 17 times and provided 23 assists in the Belgian Pro League last season, so his absence should seriously hamper their Champions League campaign. But then again, this is a club well accustomed to losing stars, with Igor Thiago and Antonio Nusa among their high-profile departures in recent years. Do not be surprised if their latest batch of prodigies spring a couple of surprises.20. LilleGranted, he has enjoyed an excellent career, but it is tough to make the case for a side relying on Olivier Giroud, who turns 40 next month, to lead the line. Lille have compensated with a more youthful midfield, where 18-year-old tempo-controller Ayyoub Bouaddi was their undoubted star last season. With him having joined Manchester City, though, their hopes of a knockout-stage run feel a bit more remote.19. Sporting CPSporting CP’s run to the quarter-finals was one of the biggest, and most deserved, surprises of last season’s tournament. En route, they famously pulled off a smash-and-grab victory over eventual champions PSG, winning with just 26 per cent possession. A repeat of that success seems unlikely, though they have made a number of smart signings this summer, including Australia World Cup star Nestory Irankunda.18. PSVPSV won the Eredivisie at a canter last season, but endured a frustrating Champions League campaign. They thrashed Napoli 6-2 and Liverpool 4-1, both reigning champions of their respective domestic leagues at the time, yet failed to record another win and did not progress beyond the league phase. The attacking threat evident in those marquee victories has since been blunted too, with Morocco international Ismael Saibari departing for Bayern Munich this summer.17. RB LeipzigIt has been a summer of upheaval in Leipzig. They began by sacking head coach Ole Werner and replacing him with former Mallorca boss Martin Demichelis. It appeared a harsh decision after Werner had steered them to third in the Bundesliga a year after they finished seventh. Demichelis heads into the season without their star talent Yan Diomande, who was sold to Real Madrid for £125million, while Leipzig have not exactly splashed out on replacements. All in all, their current situation hardly screams Champions League contenders.Martin Demichelis is the man tasked with guiding RB Leipzig through the 2026-27 season (Christian Kaspar-Bartke/Getty Images)16. PortoThere is a lot to recommend in this Porto side. They are managed by Francesco Farioli, an up-and-coming young Italian coach who has instilled an attractive style of play and delivered their first Portuguese league title since 2022. Unfortunately, top scorer Samu Aghehowa — a hulking 6ft 4in power forward — tore his ACL in February, leaving it uncertain how much of a role he will play in their Champions League campaign. Porto’s prospects diminish considerably without him leading the line.15. Aston VillaIt tells you something about the brilliance of Unai Emery that more Aston Villa fans aren’t panicking about this coming season, having lost Morgan Rogers, Ezri Konsa and Youri Tielemans already, with Emi Martinez and Ollie Watkins possibly leaving too and Amadou Onana out with a long-term injury. But they are a sea of uncertainty, the replacements for those departed players mostly youngsters and gambles, so far. You fear for their ability to cope with the twin demands of the Champions League and the Premier League, but if Emery takes them to success this season, he qualifies for actual magician status.14. ComoThe new boys. Cesc Fabregas’s billionaire-backed Como aren’t exactly a feelgood underdog story, but their rise has still been pretty remarkable, qualifying for the Champions League by finishing fourth in Serie A last season, ahead of Juventus, Milan, Atalanta and Lazio. Crucially, they have kept Nico Paz, arguably the most exciting young talent in the world not currently playing for an ‘elite’ club, and around whom their challenge will be based.13. Borussia DortmundAs ever, there’s a certain fatalism to Borussia Dortmund’s season at home, destined to be not quite good enough to overhaul the mighty Bayern. Europe could be a slightly different matter: they made the final in 2024 and have generally punched above their weight. They have lost Karim Adeyemi to Barcelona but the Greek duo of Konstantinos Karetsas and Giannis Konstantelias look pretty exciting. Don’t expect them to win it, but they could still make an impression.12. NapoliRunners-up in Serie A last season, the case against Napoli is that, despite their two recent Scudetti, they have never really made much of an impression in Europe, with just one Europa League semi-final to show for their efforts since winning that trophy (as the UEFA Cup) in 1989. Massimiliano Allegri has replaced Antonio Conte in the dugout, and perhaps with a point to prove after an underwhelming return to Milan.How far can Scott McTominay take Napoli in this season’s Champions League? (Piero CRUCIATTI / AFP via Getty Images)11. RomaA slight wildcard, Roma are one of those teams that you could equally see flaming out in the league phase or going deep into the knockouts. Donyell Malen seems to have been transformed from decent winger into prime Marco van Basten since arriving in Rome from Aston Villa last season, so if that remarkable form continues, Gian Piero Gasperini’s side could well surprise a few people.10. Manchester UnitedBack in the Champions League after a couple of seasons away, Michael Carrick’s Manchester United remain a slight mystery. A Premier League opening-day defeat to Hull City doesn’t bode well, but they have remodelled their midfield to complement an attack that was pretty good last season. If Marcus Rashford can contribute, then they have some superb forward options when everyone is fit. Perhaps, then, the biggest question will be about their defence, and the age-old question of whether it’s a good idea to give the caretaker the permanent job.9. Atletico MadridIt will be a strange day when Diego Simeone is no longer Atletico Madrid manager. It’s going to be strange enough this season without Antoine Griezmann, although they did win the league the last time he wasn’t there, during his sabbatical at Barcelona. The Julian Alvarez question hangs heavy, but as long as Simeone is there, last season’s semi-finalists Atletico will still be a factor.Expect more energetic touchline displays from Diego Simeone this season (Adrian Dennis / AFP via Getty Images)8. LiverpoolSuccess under Andoni Iraola will take time, if it comes. But that does feel like quite a big if, on the basis of his first game in charge against Newcastle last weekend. There is a huge amount of theoretical talent in Liverpool’s squad, but also an enormous number of questions: this time next week they may have spent a lot of time and money on new wingers, but still have a gaping hole in midfield. Another candidate for ‘if it works it will be spectacular: if it doesn’t it will be horrible’.7. InterDouble winners in Italy, Inter have lost Denzel Dumfries but supplemented their squad with a bunch of Englishmen, namely the ‘Three Lions’ of John Stones, Djed Spence and Curtis Jones. Crucially, after another summer of rumours, Lautaro Martinez remains and will be crucial at home and abroad. Inter have punched above their weight in the Champions League over the last decade (apart from last season), and once again look like the Serie A team most likely to make an impression.6. Manchester CityThere’s been so much change at Manchester City this summer that it’s incredibly difficult to predict how they will fare, both domestically and in Europe. It’s not just Enzo Maresca replacing Pep Guardiola: Rodri’s departure to Barcelona came after they lost nearly 800 combined appearances from Bernardo Silva and John Stones, and they will most likely go into this Champions League campaign with a completely new midfield. All of this after not winning the title for the last two years. It could go brilliantly, or it could be an utter disaster. Should be fun finding out.5. Real MadridEven if Real Madrid played their youth team in the Champions League, some mystical force would put them among the contenders. This season they seem to have a slightly more well-rounded squad, and have recruited youth in Yan Diomande as well as experience in Bernardo Silva. But the unknown factor here is Jose Mourinho: he hasn’t won the Champions League since 2010, hasn’t won a league title since 2015 and has spent the last few seasons in Turkey and Portugal. Florentino Perez believes in him, but is that enough?4. BarcelonaThe Spanish champions haven’t been in a Champions League final for more than a decade, but after winning La Liga twice under Hansi Flick, their focus now must be Europe. Their attack will be led by Raphinha and Lamine Yamal, but one question will be over their lack of a central striker, after the departures of Robert Lewandowski and Ferran Torres and with the Julian Alvarez saga looking likely to drag on until the end of the transfer window. Otherwise, they look pretty strong, especially after the arrival of Rodri, which means they employ eight of Spain’s World Cup-winning squad.Can new signing Anthony Gordon help Barcelona to their first Champions League final since 2015? (JOSE JORDAN / AFP via Getty Images)3. Bayern MunichTo give you an idea of just how good Harry Kane has been since joining Bayern, he’s currently favourite to win the Ballon d’Or, in a year in which his teams won neither the World Cup nor the Champions League. With Kane, Michael Olise and Luis Diaz, this Bayern team have been a wonder to watch sometimes under Vincent Kompany, and it tells you something that it took PSG at the peak of their powers to beat them in the semi-finals last season. This could be their year.2. ArsenalA few penalties away from winning it all last year, the early signs are that there’s nobody close to Arsenal in the Premier League, so their main target this season might be the Champions League. The main doubt there is that, while they have an absurdly deep squad with options off their bench frequently no worse than the first XI, some of those first-choice options — particularly in attack — are in the ‘brilliant but not elite’ bracket. Will that be a barrier to winning the big one in Europe?Can Declan Rice and Arsenal go one step further in 2026-27? (FRANCK FIFE / AFP via Getty Images)1. Paris Saint-GermainA three-peat? Only three clubs have ever won the Champions League/European Cup thrice in a row: Real Madrid in the 1950s and 2010s, plus Bayern Munich and Ajax in the 1970s. There isn’t any real reason to doubt PSG will join those great sides, given they have spent the summer trimming some of the fat in their squad and retooling their attack, with Ferran Torres, Maghnes Akliouche and Mika Godts backing up the already fairly terrifying front trio of Khvicha Kvaratskhelia, Desire Doue and Ousmane Dembele.Unless something unlikely happens at home, Luis Enrique will once again be able to lightly race his key players in Ligue 1, so they have plenty in the tank for the big European games.