The UEFA Champions League has returned, and after the second matchday of the group stage, only six teams have maintained a perfect record. Among them is Qarabag, arguably one of the biggest surprises of the 2025-26 season, who secured an away victory against Benfica (a result that prompted the Portuguese club to appoint Jose Mourinho) and a home win against Copenhagen. While Qarabag`s success is unexpected, the other five teams with two wins are more predictable contenders, including last season`s finalists, Paris Saint-Germain and Inter Milan. Let`s delve into these five teams and assess their potential to lift the trophy this year.
Paris Saint-Germain
As the reigning 2024-25 Champions League champions, Paris Saint-Germain have commenced their new campaign strongly. Les Parisiens secured a dominant 4-0 home victory against Atalanta, followed by a significant 2-1 away win at Barcelona, a reunion for coach Luis Enrique with his former club. This start marks a notable improvement from last season, where the French giants struggled in the group stage, winning only one of their first five games and being forced into playoffs against Brest before the main knockout rounds. Learning from past experiences, PSG appears to be adopting a different approach despite current injuries, including the absence of 2025 Ballon d`Or winner Ousmane Dembélé, who missed the Barcelona match. Remarkably, PSG seems even stronger than last season, possessing the European experience and self-confidence to potentially clinch the tournament title once more, building on their previous success.
Arsenal
The English side has enjoyed a robust start to their European season. Mikel Arteta`s team secured two 2-0 victories, first away against Athletic Club and then at the Emirates Stadium against Olympiacos, signaling their intent to challenge for the tournament this season. Their next fixture, a home game against Atletico Madrid next month, will likely offer further insight into their true potential. However, considering their astute summer transfer business, Arsenal should be regarded as a serious candidate for the Champions League trophy. Compared to previous seasons, Arsenal now boasts a much more competitive squad, bolstered by additions like Viktor Gyokeres and Eberechi Eze in the summer of 2025, providing Arteta with crucial depth and rotation options, strengthening their bid to be a serious contender.
Real Madrid
When discussing the Champions League, Real Madrid is always a team to be considered among the potential winners. The Spanish giants had an incredible start to the new season across all competitions, remaining unbeaten until their recent derby loss against Atletico Madrid. Under new coach Xabi Alonso, they have won all their Champions League matches so far, starting with an opening home victory against Roberto De Zerbi`s Olympique Marseille. They then embarked on a 4000-mile journey to face Kairat, securing a resounding 5-0 win. Currently, Los Blancos are showcasing themselves as one of Europe`s top teams, with high hopes of clinching what would be their 16th Champions League trophy. Their extensive international experience, combined with a revitalized squad under their new coach, positions them as one of the strongest contenders for the title.
Bayern Munich
The German team is arguably the most underrated side in the early stages of this tournament. Vincent Kompany has orchestrated a perfect start to the Bundesliga season with five wins from five matches. In Europe, they began with an away debut victory against Pafos, following a dominant 3-1 win against Chelsea at the Allianz Arena in Munich. After narrowly missing the chance to play in last season`s Champions League final in their home stadium, they are now highly motivated to prove themselves as a leading contender this year. With new arrivals such as Nico Jackson and the proven international pedigree of players like English striker Harry Kane, Bayern Munich appears to be a solid contender, perhaps one that has been unjustly underestimated.
Inter
Inter secured a convincing 3-0 victory against Slavia Prague on Matchday 2, building on their 2-0 win against Ajax in the opening game. This strong start comes after the significant disappointment of losing last season`s UEFA Champions League final 5-0 to Paris Saint-Germain. Despite facing relatively easier opponents so far, Inter is currently enjoying a good run this season, though tougher tests await against Liverpool, Atletico Madrid, and Arsenal. These upcoming matches will be crucial in determining their European credibility under new coach Cristian Chivu, who replaced Simone Inzaghi ahead of the Club World Cup this summer following the major setback of the Champions League final defeat. Despite changes, the Nerazzurri have reached two Champions League finals in the last three seasons, losing to Manchester City and PSG. With much of the core squad still intact, they carry a sense of revenge that could drive them to finally succeed this season, even if the path ahead is challenging.
What about Barcelona, Manchester City and Liverpool?
- Barcelona: Hansi Flick`s team lost their second group game at home against Paris Saint-Germain after winning an exciting away match against Newcastle. However, they don`t seem to be at the same level as other top competitors so far, particularly regarding their defensive capabilities. Last season, they proved to be one of Europe`s most exciting attacking teams thanks to their talented forwards but struggled significantly in defense, conceding seven goals across two legs against Inter in the semifinals. As shown in matches against Newcastle and PSG, this defensive issue appears unresolved. It seems opponents are still capitalizing on their defensive vulnerabilities from last season.
- Manchester City: Pep Guardiola`s side underwent significant roster changes this summer, and as expected, they are still refining their tactical concepts under the Spanish coach. Having lost two Premier League matches in six games and drawing away against AS Monaco on the second Champions League matchday, they are not currently performing at the level of other top teams in this early part of the 2025-26 season. While they possess the potential and talent to improve, it will require more time. Filling the void left by Kevin De Bruyne is certainly no easy task.
- Liverpool: After dominating the 2024-25 Premier League season, Arne Slot`s team was expected to demonstrate their potential in the European tournament as well. However, their first two matches have not gone as planned, with a last-minute goal from Virgil van Dijk securing a win against Atletico Madrid, followed by a loss to Galatasaray on Tuesday. Jamie Carragher, a CBS Sports analyst, was critical after the Champions League defeat, stating, “I don`t feel like I`m watching a top team. Liverpool aren`t playing football at the moment, they`re playing basketball. It`s end to end, and I don`t think top teams play like that.”
