The Favorites, the Upsets, the Stars, and the Greeks
There’s something magical about the Champions League that can’t be captured in numbers. You can count the billions in squad values, the millions in transfer fees, Haaland’s goals, and Real Madrid’s trophies. But you can’t measure what happens when the lights go out, the anthem plays, and 22 players realize they’re facing what might be the biggest game of their lives. The 2026/27 Champions League is here again. Thirty-six teams, eight matches for each, a single standings table, and no more room for easy nights. The top eight advance directly to the “Round of 16,” while teams ranked 9–24 head to the playoffs. The League Phase began on September 8, and the grand finale will take place on June 5, 2027, in Madrid.
If we were to draw up a list of top favorites, Paris Saint-Germain would rightfully be at the top.The defending champion is looking to pull off a “three-peat”—to use basketball terminology—and turn last year’s success into a dynasty. Right behind them is Barcelona, with Lamine Yamal having now outgrown the “wunderkind” label and approaching the status of a player who can single-handedly decide a tournament. Bayern remains Bayern; Arsenal is coming in stronger and hungry after a tremendous season; Liverpool has the depth to withstand the marathon tournament, and Manchester City needs no introduction.All of these teams are there, and of course there’s Real Madrid, which is in a league of its own. The team that doesn’t need to play better than everyone else for 90 minutes. Sometimes it’s enough for them to play better than everyone else in the final ten.
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Money, however, gives an initial sense of the enormous gap separating the top teams from the rest. The total market value of the 36 rosters is estimated at approximately 18.6 billion euros, with Real Madrid at the top at about 1.46 billion euros, ahead of Manchester City and Paris. Seven teams have now surpassed the one-billion mark. And yet, soccer has a bad habit: it doesn’t check Transfermarkt.
The new Champions League is tailor-made to produce such stories. Inter, Aston Villa, Dortmund, Napoli, Atlético, Sporting, Atalanta, and teams like Club Brugge can cause problems for the theoretically unbeatable. The message is simple: in the new format, there’s no game you can consider a sure win before it’s played. And that’s perhaps the most interesting aspect of the tournament. The top team no longer has three games against theoretically weaker opponents to “warm up.” It faces eight different opponents, and every point could prove to be worth its weight in gold.
And this is where AEK Athens comes in. AEK has returned to the League Phase, and the draw has given them a schedule that feels more like a journey across the soccer world than a typical European campaign. Real Madrid, Manchester City, Dortmund, Roma, Galatasaray, Shakhtar, Como, and LASK.
In their opener, they did exactly what they needed to do: they beat LASK 1-0 and earned three points that could prove invaluable in the end. For AEK, the challenge is to prove that it can earn points against teams that are, in theory, better than they are. Nea Filadelfia will be their biggest asset. The home games against Real Madrid, Roma, and Galatasaray at home could largely determine their path, while the away matches against City, Dortmund, Shakhtar, and Como will require them to rise above themselves. The goal of finishing in the top 24 is difficult, but not unrealistic. Ten to twelve points would put AEK firmly in the mix for the playoffs.
Every team in the League Phase is guaranteed approximately 18.5 million euros, while a win brings in about 2 million and a draw 750,000 euros. There are additional bonuses based on final standings and the ranking pool. For the giants, this is significant money. For a small-to-medium-sized club on the European stage, however, it can make all the difference next summer.
The Champions League will, of course, feature the usual top contenders. Haaland has already started with two goals against Porto and has reached 59 goals in 59 appearances in the competition.Kylian Mbappé, Yamaal, Musiala, Dembélé, Vinícius, and Bellingham will once again be making headlines. But every Champions League has its own “Who is that?” moment. This year, it might be the turn of Ayoub Bouadi, Max Dauman, Asan Diao, or other young players waiting for their moment in Europe.
And, of course, there’s the Greek touch. Christos Tzolis is now with Arsenal and will be stepping onto one of the biggest stages in European soccer. Fotis Ioannidis and Giorgos Vagiannidis form a Greek duo at Sporting Lisbon, Konstantinos Koulierakis is with Roma, and Tasos Douvikas is with Como. And, of course, there’s Konstantinos Karetsas of Dortmund.
The latter, however, needs no soccer analysis at the moment. In his Champions League debut against Villarreal, he collapsed on the field due to a circulatory problem and was taken to the hospital for tests. Dortmund reported that he is doing well. We wholeheartedly hope he is completely healthy. That is the only thing that matters right now. The Champions League can wait.
And the list of Greek players could be even longer. Yiannis Konstantelias also went to Dortmund, but he’s been unlucky since the start of the season, as he suffered a torn ACL and will essentially miss the entire season.So there’s a large contingent of Greek players in the Champions League. It’s just that this time, we’ll have to wait to see the whole group in action.
And this is where the real story begins. Because the Champions League isn’t just about the teams with the most money. It’s also the competition that can make a 20-million-player worth 50 million and allow an unknown 19-year-old to wake up one morning and be known throughout Europe. It’s the goal that decides a playoff berth. The save that changes a career.
The mistake that goes viral. The night a giant takes a knee. And the night a little guy realizes he isn’t so little after all. Real Madrid, Paris, Barcelona, Bayern, City, and Arsenal start with the weight of “must-win” on their shoulders.
AEK and every … AEK in the tournament starts with something different. With the freedom of one who has nothing to lose and everything to gain. And in a tournament where the ball has a habit of doing its own thing, that can prove to be a valuable weapon. Because in the Champions League, the favorites buy the best players. But you can’t buy history—you make it.
