Paris
Saint-Germain lifted the Champions League trophy for the first time in their
history last May after a stunning 5-0 demolition of Inter Milan in Munich. The
moment felt inevitable for a club that had invested so heavily in European
glory over the years, and Luis Enrique's side looked unstoppable as they
completed a historic treble.
But less than a year later, the picture looks remarkably different. Based on the current standings, let's take a look at whether PSG could lift the trophy once again.
From
favourites to outsiders
The
defending champions have endured a difficult campaign in the league phase of
this season's competition, and their struggles have been reflected in the
betting markets. PSG started the season as favourites to retain their title,
but after finishing 11th in the table and being forced into the knockout
playoffs, their odds have drifted significantly.
Arsenal have
now emerged as the bookmakers' choice after winning all eight of their opening
matches, whilst Bayern Munich, Barcelona and Manchester City are all considered
more likely to lift the trophy than the reigning champions.
Familiar
territory
What makes
PSG's situation particularly fascinating is that they've been here before. Last
season, they also had to navigate the playoff round after a shaky start,
finishing 15th in the table and facing fellow French side Brest before going on
to win the whole thing.
That
experience might offer some comfort to supporters who believe this team has the
quality and resilience to turn things around when it matters most.
The
difference this time is that they look visibly fatigued, having played an
exhausting number of matches throughout 2025 across multiple competitions.
The
Monaco challenge
Their
immediate challenge comes in the form of Monaco, who they face over two legs in
the knockout playoffs. The all-French tie has captured plenty of attention, not
least because PSG have already lost to Monaco in Ligue 1 this season.
The
bookmakers make Luis Enrique's side clear favourites to progress, but current
form suggests this won't be straightforward. Monaco finished 16th in the league
phase with 10 points, and whilst they're considered significant underdogs,
they've shown enough quality to cause problems.
What lies
beyond
If PSG can
get past Monaco, they could face either Barcelona or Chelsea in the round of
16, both of which present serious obstacles.
Barcelona
under Hansi Flick have been transformed and are playing some of the most
attractive football in Europe right now, whilst Chelsea possess the physical
intensity and tactical discipline that could suffocate PSG's creative players.
The Blues finished in the top eight and secured automatic qualification, which
means they'll have home advantage in the second leg.
PSG's
defensive vulnerabilities have been exposed repeatedly this season, and you'd
back either opponent to capitalise on those weaknesses over two matches.
PSG remain
in the conversation because of their undeniable quality and recent experience
of winning this competition, but the odds tell a clear story. They're no longer
considered amongst the genuine frontrunners, and their path to retaining the
trophy looks considerably more difficult than it did six months ago.
Whether they
can summon the same magic that carried them to glory last season remains the
biggest question hanging over European football right now.
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