Back-to-back Champions League titles and the development of potential superstars like Marco Asensio mean Real Madrid are the favourites for a hat-trick of European titles.
Before the draw Los Blancos were 9/2 (5.50) but that price has been clipped slightly to 4/1 (5.0), although they'll play Borussia Dortmund, Tottenham (40/1) and APOEL in the first stage of this year's competition.
Barcelona usually rival their Spanish counterparts for favouritism in the outright market but they were 11/2 (6.50) before their group of Juventus, Olympiakos and Sporting was revealed. They're now 13/2 (7.50) as a result.
The Catalans have a fantastic European pedigree too of course, but given their early season issues and the loss of Neymar, they could be worth avoiding for now, even with a deal for Ousmane Dembele seemingly agreed.
Bayern Munich were 6/1 (7.0) to be crowned the kings of Europe and the Bundesliga champions will face Paris Saint-Germain, Anderlecht and Celtic in their group. Carlo Ancelotti's side have come up short in the knockout stages in recent years, but are still regarded as legitimate frontrunners at 13/2 (7.50) despite a tricky group.
PSG's signing of Neymar may well boost them into the next tier of European contenders, after several quarter-final exits and a dramatic turnaround in the last-16 against Barcelona. The Ligue 1 side were 7/1 (8.0) but have been cut to 13/2 (7.50) after the draw, which is deemed to be a decent result for the Parisians.
Manchester City were priced at 12/1 (13.0) and Pep Guardiola's side, who were drawn with Shakhtar Donetsk, Napoli and Feyenoord, are now 10/1 (11.0) to be crowned the kings of Europe under the man who claimed the title at the Camp Nou. They should certainly have plenty of confidence of qualifying, but the Italian side should pose a fascinating test in particular.
Premier League champions Chelsea (16/1) were the top English seed and the Blues will face Atletico Madrid, Roma and Qarabag in their group. Diego Simeone's side have been heavily linked with offering Diego Costa a route out of Stamford Bridge, although Atleti will be unable to register new players until January. The bookmakers have taken a dim view of their draw, with the competition for the top two spots looking particularly fierce.
Manchester United, on the other hand, were drawn against Benfica, Basel and CSKA Moscow. That's certainly seen as a favourable draw for Jose Mourinho's men, who are now 10/1 (from 14/1). The club have also confirmed that Zlatan Ibrahimovic will be re-joining the club and taking the No.10 shirt vacated by Wayne Rooney, further boosting their options in the final third.
Liverpool (18/1 from 20/1) were drawn alongside Sevilla — the team who beat them in the Europa League final two years ago — as well as Spartak Moscow and Maribor.