Bayern Munich are, in my mind, the favorites to win the Champions League. It's quite possible that we'll meet Bayern in the final. I'd even say that Bayern are our greatest challenge to winning the Champions League.
Liverpool won the European Cup and they should have the right to defend their trophy. The champions should be involved but I think they should have to qualify like Brazil have to qualify for next year's World Cup.
You start the season with the goals of winning both the league and the Champions League. Once again, we've seen how difficult that it.