Worse teams have made it to the final and won the thing - Porto in 2004, Liverpool the year after. Heck Chelsea's 2012 winning team had Ryan feckin Bertrand starting in midfield for them.
Porto 2004 was UEFA winner the previous years. They have the core players which turned out very good (Maniche, Costa, Deco, Carvalho, Paulo Fereira) whom were the back bone of Portugal NT the next 2-4 years. Portugal did very well in both Euro, and World Cup. England golden generation 2 times eliminated by them, so they're not exactly bad players, given many players from England golden generation team could have walk into our team: Beckham, Scholes, Hargreaves, Carrick, Terry, Campbell, Ferdinand, Lampard, Gerrard, Rooney, Ashley Cole... I am not saying the Portuguese players in Porto side were better, but as a group, they at that time developed an understanding, and worked well together as a team, which England couldn't at that moment. Individual is one thing, team is another thing. England Golden generation taught us that. Does our group has such bond, that may elevate their performance when circumstance requires? Time will tell. I wouldn't jump the bandwagon to rate Porto 2004 as worse team.
Benitez was very successful coach back in the day. Won La Liga 2 times, and regarded as a cup specialist. Evidently in his previous record at Valencia. Liverpool in those years was absolute nuisance in cup competition. Made another CL final, and semi final beside their fluke one. That Liverpool team in 2005 might not be a powerhouse, but the team as is were a tough nut to break in head to head game, a typical game raising bunch. Adding a coach with that pedigree on top, and it turned around quickly enough. Do we have the same belief in Ole's experience as a coach? Is his cup run so far convincing enough, that we can say our team can rise to the occasion as good as that Benitez Liverpool?
Chelsea 2012 was weak compare to the high standard that of Barcelona, Real Madrid, and on the rise Bayern Munich at the time. However, that team was one good coach away from being serious contender. Look how quickly they bounced back between bad years. They even won FA cup. Benitez won Europa the next year too. The trophy haul along the way would make stable well run club like Wenger Arsenal at the time, and Pochettino Tottenham envy. That Chelsea didn't need long rebuilding phase to win trophy (with luck involved), it testifies for the strength of team and squad. Bertrand at the time was a prospect. You're talking with hindsight. Many of our players in this team may end up the same way down the road. Here we have people talking about Laird in hope he may challenge Wan Bissaka in near future. Not very different to Chelsea fan back then was thinking about Bertrand would replace Ashley Cole once day. Why not talking about the like of Drogba, a big game player who we currently don't have anyone that can compare to? Lampard, Terry, Ashley Cole, Cech (still holding out better at the time) for the experience and leadership. David Luiz with hindsight is a train wreck of a CB, but at that point in time, he was a young prospect with great ball playing ability and physical attribute. Maguire ain't exactly more convincing than that David Luiz, let alone compare to Terry. Gary Cahill & Ivanović was no worse than the like of Lindelof, Jones, Rojo, Bailly. They had the luxury of loaning out Courtois, De Bruyne, Lukaku, while we can't wait to push our promise players to the rescue of the first team.
Given that the standard nowadays is lower, we may or may not have our chance as dark horse. However, it's quite early and arrogant to downplay other teams and overestimate this team, when the other teams had feat to prove while we are but winning feck all. Better keep a low profile, but raring to punch above our weight rather being all hopeful and getting embarassed.