Based on current form and quality depth.
1 Inter Milan ( I think they the favourites somehow their squad improved alowt and the depth is better then last year. Thuram and Martinez a playing on world-class level specially Martinez who is probably after serhua guirasy the best Striker this season in the world I maby would put Kane or haaland above him but the rest this season definitely not )
2 Real Madrid ( it’s just a joke how good they a this season and what don Carlo created . You can’t predict them they can change the style of play so much with one substituted. Plus we didn’t even seen the best out of them because vini wasn’t fully fit yet this season. Kroos biggest strength a now more reguest then ever and he delivers he is this the Best mindfilder alongside with Bellingham in the world.)
3 Man city ( I would rank them higher but they lust gundguan one if not the most important player in the big games and that is making me rank them lower. Plus kdb injury we don’t know how fast he will be back to his best )
4 Aletico Madrid. Probably the real favorites for the la Liga this season. Very exciting football this season and the whole team is working so well. They got their defense and offense so on point this season it’s just madness. It’s like monster that can do both on the highest level. With unbelievable consistency. The only thing not making me rank them first is that their young players have almost no experience in the UCL and the olders not that much. Expected for 5 or 6 players and only for a real starters.
5 Bayern They could easily win it but their just not constant. One game they each a Team 8:0 the game they loss against the 15 place of the third Bundesliga. When their show their best game every game in the UCL they win there is no other team with so many elite and world class players that can turn a game around on their own. Kane, sane, Coman, musiala, Gnabry , Müller, goretzka, Kimmich , Davies Even Tel or Laimer . It’s just ricdouls
This is the realistic answer. It’s too early to give a top 5 but these 3 are safe picks and all realistically have a shot at winning it all.