Barcelona - No team has ever retained the CL, true yet I dont rule out a team with Messi, Zlatan, Iniesta, Xavi, Messi and Henry to be beaten by any other team over two legs, definitely the second biggest threat to lift the trophy behind Chelsea, if not for the curse.
Real Madrid - They are not that formidable would take at least a season for all their buys to gel in.
Chelsea - They have some big names on paper that had ran close to win the CL, also they are managed by a tactician who has the best record in the CL in the last decade or so, they are the favorites.
Man Utd - Definitely not a CL winning team without that player, but not every time the best team in the fray has won triumphed in Europe yet now we only have an outside chance.
Any team that had Ronaldo, Rooney, Rio, Vidic, Evra, Carrick, Tevez Vds etal cannot be beaten over in two legs, unless injuries to big players, we have proved that point for the last three seasons. But without Ronaldo we are only a dark horse.
Liverpool - They would win the CL only if the four teams mentioned above pulls out of the Champions league
Inter Milan - Definitely a threat this season on par with United.
Arsenal - They can have a decent run in the CL but wont win the trophy
Juventus and Milan: Their squad as a whole lacks quality run by managers that are bit clueless
Bayern Munich: With Van Gaal they would fare a bit better than they had coughed up in the previous seasons.
Threats
Chelsea
Barcelona
Dark Horses
United, Inter Milan
Also Rans
Real Madrid, Liverpool
Shotakans
Arsenal, Bayern Munich