A surprise 3-3 draw in Poland against Legia Warsaw is what ultimately condemned Los Blancos to the runners-up spot in Group F, yet that proved of little consequence as Zinedine Zidane's men dispatched Napoli, Bayern Munich, Atletico Madrid and Juve to make history.
Despite those unprecedented back-to-back titles, Real Madrid remain favourites to lift their 13th European Cup, with the Spanish champions not only looking extremely strong but some of their rivals looking less impressive. Certainly, Barcelona have been weakened by the departure of Neymar, while Bayern Munich failed to really strengthen in the manner which manager Carlo Ancelotti would have liked.
With the record-breaking capture of Neymar, PSG hope to finally make inroads in Europe yet the French outfit have never made it past the quarter-final stage. Whether the arrival of Neymar and his multiple title-winning compatriot Dani Alves is enough to take the Parisians to the next level remains to be seen, although their ante-post price of 7/1 (8.00) is considerably lower than in previous years.
Next in the betting come Juventus who have lost two of the last three Champion League finals, with the Turin outfit offered at 12/1 (13.00) - the same odds as the lowest-priced English team in the market, Manchester City.
Pep Guardiola won the competition with Barcelona back in 2009 and 2011 and in his second season with City he will be hoping to considerably improve on his side's last 16 exit in the previous campaign.
Last season's surprise semi-finalists Monaco are offered at a healthy 50/1 (51.00) - the same price as Sevilla and Napoli. German newcomers RB Leipzig, meanwhile, are available at 66/1 (67.00) and the side that finished second in last season's Bundesliga will be the team from pot four that everyone wants to avoid.