It seems like a century ago Gabriel Magalhaes‘-penalty flew over the crossbar in Budapest and broke Arsenal hearts like PSG were crowned Champions League winners for the second season in a row.
But just over three months later, Europe’s premier club competition is back, with the League Phase draw on Thursday.
The action will then kick off on September 8, with eight matchdays in the league phase spread over the next four and a half months – before the knockout rounds take center stage.
The drama runs through June 5, with the finale at Atletico Madrid‘s Estadio Metropolitano stadium.
So prior to the 5pm draw, Daily mail sport has you covered by answering all the important questions surrounding the 2026-2027 season.
The draw for the Champions League starts at 5pm on Thursday, with PSG having won the competition for the past two seasons
How does it work?
We are now in the third season of the new Champions League format, which sees all teams competing in one competition instead of eight separate groups of four.
There will also be 36 teams starting the competition, as opposed to 32 in the previous version of the format.
In the competition phase, each team plays eight matches, four of which are at home and the other half away.
They are divided into four pots of nine, with the eight matches consisting of two matches against Pot 1, Pot 2, Pot 3 and Pot 4 teams.
However, teams from the same league and country cannot be drawn against each other until the knockout stages.
There is also the added dynamic of a new rule introduced by UEFA which means the same match cannot take place in the competition phase three years in a row.
This means that Liverpool vs Real Madrid and Inter Milan vs Arsenal are effectively banned after the last two seasons, although these teams could be drawn against each other if the match is scheduled at the Bernabeu or the Emirates.
There is also the added intrigue of Shakhtar Donetsk playing their home games at Stamford Bridge this season, meaning an English team could draw the Ukrainian side and play at Chelsea’s home ground.
The draw is carried out by a supercomputer, where the technology selects opponents at the touch of a button.
Each team has two matches against Pot 1, Pot 2, Pot 3 and Pot 4 in the competition phase
Who is in which pot?
The pot that teams enter depends on their UEFA club coefficient over the past five years, meaning consistent performances in European competitions over that time are rewarded.
Pot 1: PSG, Bayern Munich, Real Madrid, Liverpool, Inter Milan, Manchester City, Arsenal, Barcelona and Atletico Madrid
Jar 2: Aston Villa, Manchester United, Borussia Dortmund, Roma, Sporting Lisbon, Porto, Club Brugge, PSV Eindhoven and Real Betis
Jar 3: Feyenoord, Lille, Napoli, RB Leipzig, Villarreal, Shakhtar Donetsk, Galatasaray, Fenerbahce, Bodo/Glimt
Jar 4: Slavia Prague, Como, Lens, Sabah, Viking, Slovan Bratislava, AEK Athens, Stuttgart, LASK
Arsenal, last season’s runners-up, is one of eight European heavyweights in Pot 1
Which aspects should you pay attention to?
Apart from the usual European heavyweights, there are a few debutants in the Champions League this season.
This also applies to Como, the Italian club that has had a fascinating rise in recent years.
After dropping to the fourth tier of Italian football and facing multiple bankruptcies, they have been revived under a new wealthy ownership group that counts Thierry Henry as a minority investor.
Based in a picturesque location, manager Cesc Fabregas – who initially joined as an investor – has made them one of the most exciting teams to follow in Europe.
After taking on the role in 2024, Fabregas guided them to a fourth-place finish in Serie A last season, enough for a place in the Champions League in what will be their first-ever European season.
Sabah will also make their debut in the competition after the Azerbaijani side staged a remarkable comeback on Tuesday by beating Israel’s Hapoel Beer-Sheva in the final qualifying rounds.
What’s even more remarkable is that Sabah was only founded in 2017, meaning that at the age of nine, they are the youngest club in history to participate in the Champions League.
The Austrian LASK is also participating in the main tournament for the first time, after never having reached the qualification before.
Keep an eye on Bodo/Glimt too, as the Norwegian side are back in the competition after enjoying a fairytale run last season that saw them record victories over Man City and Atletico Madrid before eliminating Inter Milan in the play-off round.
Meanwhile, Real Betis return to the Champions League for the first time in twenty years, while Man United are absent after two seasons.
Oh – and for an old face in an opposition dugout: watch out for Slovan Bratislava boss Yaya Toure.
Cesc Fabregas’ Como is playing in the Champions League for the first time after a rapid rise
How does qualification work?
24 of the 36 teams reach the competition stages and the knockout stages of the Champions League.
However, the top eight automatically qualify for the round of 16 and are then seeded.
Finishing in the top four gets you a home draw for the last 16 and quarter-finals, while finishing in the top two means that advantage extends all the way to the semi-finals, meaning every point is crucial.
The teams finishing ninth to 24th must play a play-off tie to advance to the round of 16.
Those ranked ninth to sixteenth in the league stage will have the advantage of enjoying the second leg of those matches at home.
Arsenal were at home in the second leg of the last 16, quarter-finals and semi-finals (pictured against Atletico in the last four) last season after topping the League Phase table
Who are the favorites?
As usual, the European heavyweights in Pot 1 are expected to battle for the title.
According to Sky betPSG are the favorites to triumph again, with the Parisians priced at 5/1, just ahead of Barcelona and Arsenal at 11/2.
Bayern Munich at 6/1 and Real Madrid at 7/1 round out the top five favorites.
Full list of favorites (and other selected odds):
PSG-5/1
Barcelona/Arsenal – 11/2
Bayern Munich – 6/1
Real Madrid – 7/1
Man City – 9/1
Liverpool – 11/1
Manchester United – 18/1
Aston Villa-28/1
Como – 50/1
How can you watch it in Britain?
The Champions League draw will be broadcast on TNT Sports.
On the competition side, this is the final year of the current TV deal, with TNT taking the majority of games in Britain.
However, Amazon Prime Video retains the rights to the best Tuesday match of each game week, meaning they get to choose first what to show.
From next season, American media giant Paramount will become the main Champions League broadcaster in Great Britain for four years.
