The Champions League is back, and after the second matchday of the league phase, only six teams maintain a perfect record. Among these is Qarabag, a significant surprise of the 2025-26 season, who secured an away victory against Benfica—a result that prompted the Portuguese side to appoint Jose Mourinho as their new manager—before winning their home debut against Copenhagen. Beyond this major upset, the other five teams with perfect records were largely anticipated, including the two finalists from the last edition: PSG and Inter. Let`s delve into these five contenders and their paths to potential glory:
Paris Saint-Germain
The reigning 2024-25 Champions League winners commenced the league phase strongly, triumphing 4-0 in their opening home game against Atalanta. They then delivered a strong statement with a 2-1 victory at Barcelona, a reunion for Luis Enrique with his former club. This start is particularly noteworthy given their struggles in the previous season`s league phase, where they won only one of their first five games, forcing them into playoffs against Brest before the knockout rounds. Building on that experience, PSG appears to have adopted a different approach this season, despite ongoing injury concerns, including the absence of 2025 Ballon d`Or winner Ousmane Dembele, who missed the Barcelona match. Remarkably, PSG seem even more formidable than last season, possessing the potential to clinch the title again. Their enhanced European experience and newfound self-confidence, stemming from last season`s achievements, are key factors.
Arsenal
The English side has enjoyed a strong start to their European campaign. Mikel Arteta`s team secured identical 2-0 victories, first away against Athletic Club and then at the Emirates Stadium against Olympiacos, demonstrating they are on the right trajectory to compete for the tournament. Their next fixture, a home game against Atletico Madrid next month, will likely offer further insight into their true potential. However, considering their summer transfer activity, Arsenal should be regarded as a serious candidate for the Champions League title. Compared to previous seasons, Arsenal boasts a significantly more competitive squad, bolstered by summer 2025 additions like Viktor Gyokeres and Eberechi Eze. These reinforcements provide Arteta with greater depth and rotation options, making them a formidable contender in the Champions League.
Real Madrid
When it comes to the Champions League, Real Madrid invariably stands as a potential winner. The Spanish giants have had an incredible start to the new season across all competitions, remaining unbeaten until their recent derby loss against Atletico Madrid. Under Xabi Alonso, they have won all their Champions League matches so far, starting with an opening home victory against Roberto De Zerbi`s Olympique Marseille. This was followed by a demanding 4000-mile journey to face Kairat on Tuesday, where Alonso`s side triumphed 5-0. Currently, the Blancos are showcasing themselves as one of Europe`s elite teams and genuinely aspire to win what would be their 16th Champions League trophy. Their unparalleled international experience, combined with a revitalized squad under the new coach, positions them as formidable contenders for the trophy.
Bayern Munich
The German squad is arguably the most underestimated team in this initial stage of the competition. Under Vincent Kompany, they`ve had a perfect start to the Bundesliga season with five wins in five matches. In Europe, they secured an away debut victory against Pafos and previously defeated Chelsea 3-1 at the Allianz Arena in Munich. Having missed the opportunity to play last season`s Champions League final at their home stadium, they are now determined to establish themselves as a top contender for this year`s trophy. With new arrivals like Nico Jackson and the international caliber of players such as English striker Harry Kane, Bayern Munich appears a robust contender, perhaps an underestimated one.
Inter
Inter secured a 3-0 victory on Matchday 2 against Slavia Prague, following a strong 2-0 win against Ajax in their opening fixture. This marks a positive start after the profound disappointment of losing last season`s UEFA Champions League final 5-0 to PSG. While their initial opponents have been relatively straightforward, Inter is currently enjoying a strong run this season. However, more formidable challenges lie ahead against Liverpool, Atletico Madrid, and Arsenal. These upcoming fixtures will be vital in establishing their European credibility under new coach Cristian Chivu, who succeeded Simone Inzaghi this summer following the significant disappointment of the Champions League final defeat, ahead of the Club World Cup. Despite the managerial change, the Nerazzurri have lost two Champions League finals in the last three seasons, to Manchester City and PSG. With much of their core squad remaining, a strong desire for redemption could propel them to finally achieve success this season, despite the inherent challenges.
What about Barcelona, Manchester City, and Liverpool?
Barcelona: Under Hansi Flick, Barcelona suffered a home defeat to PSG in their second game, despite an exhilarating away win against Newcastle. They currently appear to lack the competitive edge of other top teams, particularly concerning their defensive solidity. Last season, they demonstrated themselves as one of the most, if not the most, thrilling European teams due to their talented attacking players. However, they consistently struggled defensively, exemplified by conceding seven goals over two legs in the semifinals against Inter (in Barcelona and Milan). As evidenced by their matches against Newcastle and PSG, this defensive vulnerability persists. Opponents are clearly exploiting their past concessions.
Man City: Pep Guardiola`s squad underwent significant roster changes this summer, and as expected, they are still refining their tactical approach under the Spanish coach. Following two Premier League losses in six games and an away draw against AS Monaco on the second Champions League matchday, they haven`t reached the standard of other leading teams in this early part of the 2025-26 season. While they possess the potential and talent to improve, it will require more time. Replacing the void left by Kevin de Bruyne is a considerable challenge.
Liverpool: Having dominated the 2024-25 Premier League season, Arne Slot`s team was anticipated to translate that form to the European tournament. However, their first two matches have been underwhelming: a last-minute victory against Atletico Madrid thanks to Virgil van Dijk, followed by a loss to Galatasaray on Tuesday. CBS Sports` Jamie Carragher sharply criticized them after the Champions League defeat, stating, “I don`t feel like I`m watching a top team. Liverpool aren`t playing football at the moment, they`re playing basketball. It`s end to end, and I don`t think top teams play like that.”
