I think that for this to happen, they have to start playing better, because they were bad in their last match
Certainly a possibility, but it depends on mainly who they gonna draw in the knockout stage rounds. If they get an "easy" road they might just make it to the final once again.
But the favorites to win the whole thing are Barca and Bayern.
Bayern is not.
They are always somewhat favorite to outright win it, but yeah it's less likely than a Barca win would be.
I'm most surprised though that City is the favorite according to bookies.
Every year Barcelona and Real Madrid are counted as the favourites. Although i doubt any of em lift the trophy.
The gap between the top teams is really close now.
I think Liverpool in the season 19-20 will also be among the strongest that it is possible that they will win again in the Champions League!
I read somewhere that Liverpool is interested to get Coutinho back to Anfield.
I don't know if he can find a place in the current Liverpool's squad, but if they manage to take Coutinho back they will get even more strong next season!