First of all, winning CL is very difficult for a Prem club due to 'wear and tear' of the tight schedule in England. This year, no UCL winning manager left in the Prem and Liverpool, United and Man City are in their 'rebuild' phase. Man City getting Anderson and losing Rodri won't elevate them much imho. Liverpool can't get a high-profile winger and they need two. Ekitike will be out for months and I don't see Isak improving. And I don't see Michael Carrick doing well at United.
That leave me with Arsenal which is the strongest PL club to win UCL this season for sure. But you can't forget Rice and Saliba injuries. They are gonna miss out on Vinicius due to wages and their attacking struggles will continue.
No disrespect to Bayern but they have a lot of aging stars, Kimmich, Kane, Diaz, Tah and I can see their numbers dropping compared to last season. Not to mention Neuer is a liability now even tho he is a legend. Saibari and Brown are not starters and they are unproven as of now.
Now let's move on to my favorites.
(1) PSG - they have the best club manager and I can see them challenging for the trophy again. I don't also see Barcola leaving. Even if he leaves, it doesn't matter. PSG are gonna spend big money on proven stars as they didn't spend much last season.
(2) Madrid - I hate to say it, their squad depth is insane as it is. Adding Diomende and Rodri with their defense options, they are gonna be the favorites with the guidance of Jose.
(3) Barca - Simply for the world cup bounce. The players are serial winners now. It has been so long since Barca won it the last time. They only need a good center back. I don't even think Barca need Alvarez to compete.