The league phase of the Champions League has been determined, providing a first proper look at how the leading contenders will have to navigate the competition.Paris Saint-Germain remain the favorites, with Barcelona, Bayern Munich and Arsenal all similarly priced, just ahead of Real Madrid.There are 36 teams in the competition, with the top eight from this initial league phase going straight through to the round of 16. Teams finishing in positions nine through 24 will play in the knockout phase playoffs to earn a place in the last 16.PSG being at the head of the market is no surprise. They have won the Champions League in each of the past two seasons and have established themselves as the team to beat in Europe. Their reward for lifting the trophy again is certainly no easy ride, as they land a league-phase schedule that includes Barcelona and Manchester City, alongside Roma, Aston Villa, Galatasaray, Villarreal, Slovan Bratislava and Como.There are some challenging fixtures there — results against fellow contenders like Barca and Man City could prove particularly valuable — but PSG, 5/1 with Betfair and best-priced +540 with DraftKings in the U.S., should have enough to qualify automatically for the knockout rounds.Arsenal manager Mikel Arteta walks past the trophy following defeat in the 2026 Champions League final in Budapest. (Odd ANDERSEN / AFP via Getty Images)Barcelona have an eye-catching schedule and are priced at 6/1 on Betfair and +600 with Bet365. They will face Manchester City and PSG, as well as Aston Villa, Sporting CP, Feyenoord, Galatasaray, Como and Sabah FK.They have the quality to challenge for the trophy, but two games against fellow favorites mean there is little margin for error if they want to finish near the top of the league phase.Bayern Munich, priced similarly to Barca, will host Arsenal and travel to Atletico Madrid, while also playing against Real Betis, Manchester United, Lille, Viking, Bodo/Glimt and Slavia Prague.The Arsenal and Atletico games stand out immediately, but Bayern’s ability to deal with the other six fixtures could be more important when it comes to their final position.Bayern should be expected to collect a strong points haul from their more favorable fixtures, and if they also win the big games, their +600 price could look short fairly quickly.