Since the European Cup was expanded to include the best of the rest from Europe's top leagues, some have argued that the integrity of the competition has been diluted. That's not so; it remains the most exciting competition in the world.
The renaming of the European Cup to the Champions League in the 1992-1993 season carries a certain amount of irony. The response to the criticism that its integrity has been diluted needs not be made in words. The proof that this is the most exciting competition in the world, not just in club football, is there to see year in, year out. The list of winners is a who's who of European club football. With the exceptions of Marseille in 1993 and Dortmund in 1997, every other year the trophy has been lifted by a team that had tasted success at least once in the tournament's previous guise.
No matter how big or complicated they make the milk vat, the cream invariably rises to the top. In recent years, we've seen the re-emergence of the English teams, contributing a finalist in each of the last three years and, incredibly, three of last season's semifinalists, some 20 years after the Heysel Stadium disaster that ended nearly 10 years of English dominance.
All four entrants will think they have a realistic chance this time around, but they'll have to overcome the best of Italy and Spain if they are to prove that the Premier League is indeed the greatest and not just the most hyped-up league in the world.
Chelsea
Jose Mourinho faces something of a conundrum this season. Having been so close to a clean sweep at home and abroad last season, the Special One ended up with little more than a couple of baubles in the trophy cabinet, so the pressure will be on to lift either the Premier League or the Champions League trophy, if not both.
The big worry, though, is the lack of additions at the Bridge. Malouda is top-quality, and will add that touch of attacking flair too often missing from an increasingly functional and effective but uninspiring team. Sidwell, Pizzaro, and Ben Haim are squad players, all capable of doing a job if called upon, but not up to the world-class standards of the players they'll be replacing. Chelsea's first team is good enough to succeed in Europe, but injuries to key players like Drogba, Lampard, Terry, or Cech at the wrong time could seriously undermine their chances.
Drogba in particular is key, especially if Shevchenko fails to sparkle again. Without him, Chelsea wouldn't even have come close last season, and if he can avoid injury, the Ivory Coast striker is rightly one of the favourites to be the top goal scorer, so get on early, as he's sure to rack up a few in the group stages.
Man Utd
Strangely, Man Utd is the favourite to triumph domestically, but the bookies see Chelsea as a better shot in Europe. This discrepancy lies in one area, the centre of midfield, which means there isn't a massive amount of faith in Owen Hargreaves filling the tough tackling gap left by Roy Keane. Michael Carrick couldn't do it, though no one ever really believed he would, and the sight of Kaka tearing his team apart in their semifinal second leg will have been enough to convince Alex Ferguson that he needed a stopper.
He obviously believes Hargreaves is the man for the job, and his pursuit of the Canadian, sorry Englishman, is testament to that. If Ferguson proves to be right, then not just will it be £17 million well spent, but it will also make the 7/1 price for Man Utd to lift the trophy very tempting, indeed.
There are other potential flaws in the Old Trafford armour, though, namely a 6-foot-4-inch Dutch one. Van Der Sar is starting to look past his best, and likely would have spent much of the season on the bench had Ben Foster not picked up a serious injury. Otherwise, the backline is solid, but a lack of quality cover again could be their undoing.
Saying that, if Djimi Traore can win a Champions League medal, there's hope for O'Shea and Brown. Going forward, Utd is a frightening prospect. Such is the quality of options that new boys Nani and Anderson can take their time settling in. Tevez is already up to speed with the English game, and in Europe, alongside Rooney and Ronaldo, he could be devastating. All three of them are worth a bet to top the scoring charts, but as is the way with Man Utd, the goals are more likely to be evenly spread between them.
Liverpool
Speaking of attacking options, it is in this area that Rafa Benitez has worked hard to improve over the summer. It was hardly a secret that it's in the opposition's half where Liverpool has been struggling for the past few years. Will big-money-signing Fernando Torres be the missing piece needed to bridge the gap? On his own, the young Spaniard probably isn't enough to make the difference, as there's no point having someone to finish chances if they're not being created in the first place. This is why Benayoun and Babel were drafted in. Benitez has long talked of the need for greater width and creativity.
Other than Steven Gerrard, his central midfield options are of the defensive, holding variety, and as Athens showed, he can't rely on his captain to save the day every time his side fails to spark. Babel impressed during the summer for the Dutch U21s, and preseason showings indicate that he may not take too long to adjust. Benayoun isn't strictly a wide player and is more likely to drift infield, which will suit Torres, who is more effective getting the ball to feet than getting on the end of crosses.
The industrious Kuyt and Voronin will make defences work hard, and the unorthodox Crouch will help to keep the opposition on their toes. The big man with the great touch scored more than a goal every other game, and if given the opportunity, he could well outscore Torres.
Arsenal
Despite being the runner-up in 2006, Arsenal is rightly more than 20/1, but no Henry doesn't mean no chance. Too often, the prodigious Frenchman lacked the va-va-voom on the big European nights, and his departure, contrary to popular belief, is a positive for Arsene Wenger's sickeningly talented young squad. The problem is that it is going to take time for the likes of Denilson, Diaby, and Walcott to mature. There's also the question of where the goals will come from. Van Persie could be the answer, and his form, when fit, last season suggested that he has what it takes, but he's yet to excel in Europe.
New signing Eduardo Da Silva arrives from Dinamo Zagreb with an impressive scoring rate; however, it remains to be seen whether he can carry that record to the Emirates Stadium. Not since the heydays of Pires and Ljungberg has Arsenal had a reliable source of goals from midfield. Fabregas, Hleb, and Rosicky all need to improve in this area if the Gunners are to make a mockery of their big price. There are too many unanswered questions with Arsenal to put any serious money on them, plus the aging Jens Lehmann could prove something of a liability, so don't be too surprised to see Lukasz Fabianski between the posts come the end of the season.
AC Milan
Revenge was sweet for the Rossoneri in Athens, but the game itself was a bit of a damp squib, as finals often are. AC Milan was a worthy winner, as it would have been in Istanbul had the gods or fate or its own complacency not intervened, and it will be among the main contenders again this year.
It could be argued that the defending champ's chances will be undermined by its lack of activity in the transfer market, and that the team is carrying a lot of aging stars - indeed, its only real acquisition is the 34-year-old Ibrahim Ba - but these points were made last season, and should be rightly ignored.
It would be incredible to think that the 39-year-old legend Paolo Maldini could pick up a record-breaking sixth winners medal 19 years after winning his first. He's unlikely to be as involved this season, and AC Milan will find it hard going to retain its crown, considering the strengthening that has gone on in other teams around Europe.
It does have consistency on its side with so few changes, plus with Ronaldo now eligible to take part, it'll have the goal threat up front that was lacking a little at times last season, and he's one to take a serious look at in the top-goal-scorer markets. Oh, and let's not forget Kaka, undoubtedly one of the best players in the world; he once again will prove to be the vital cog in any success the Italians are to enjoy.
Inter Milan
Of the other two Italian sides, AC's rival and housemate Inter Milan looks to be the more serious contender, but it's been a long time since the Serie A excelled in Europe. They haven't lifted the trophy in more than 40 years, and even in recent times, though often excelling in the group stages, the Nerazzurri have reached just one semifinal and three quarterfinals since the inaugural Champions League tournament.
It's a team whose traditionally solid and defensive style of play is suited to the Italian league, but in Europe it lacks the attacking flair needed to beat the best the continent has to offer. The fact that it's gone out to the equally defensive yet more offensively potent Valencia in each of the last two tournaments pays testament to this. If you're going to have a bet on them, make it a small one.
Roma
The second leg of its second thrashing at the hands of Man Utd says it all. Francesco Totti talked a big game, but when the time came to match his words with actions, the club captain was nowhere to be seen. He's a player who excels at home but flounders abroad, and isn't to be relied on when the chips are down. Totti is the perfect figurehead for a club that's come runner-up in Serie A 10 times and won it just three; avoid at all costs.
Barcelona
One team that simply can't be ignored is the Catalan giants. Last season proved a disappointing one for Barcelona, in which it struggled to maintain the form that saw it land a treble of trophies, including La Liga and the Champions League. It was clear that it lacked solidity in the centre of the midfield and at the back, areas that Rijkaard has addressed over the summer.
In comes Gabriel Milito and Eric Abidal to shore up the defence and Yaya Toure to offer an anchor in midfield, which will enable their unparalleled attacking unit to pour forward without leaving gaping holes that can be exploited by top teams in Europe.
On top of this newly acquired defensive strength, it's added another of the greatest strikers in the world. The very thought of Henry combining with Eto'o, Ronaldhino, and Messi is frightening. Questions have been as to whether Rijkaard will be able to accommodate all four players at the same time, but if they're all in form, he'd be a fool to leave any one of them out. If things click into place, and there's no reason why they won't, Barcelona will take some stopping.
Real Madrid
Winning just isn't good enough at the Bernabeu, as the fans and the board demand that success is achieved with style, so out goes Capello, despite winning La Liga for the second time in two one-year stints with the club, and in comes former star Bernd Schuster. The German arrives from Getafe after guiding the minnows to a highly impressive seventh place in La Liga. His previous experiences at Shaktar Donetsk and Levante, despite disappointing finishes with both clubs, mark him as a talented coach, but having never managed a big club before, there are obvious doubts as to whether he can bring the instant success that the Real faithful demand.
As with all new managers, there's sure to be a settling in period while he decides how he wants his side to play and who he wants to carry out his plans. His biggest signing so far has been the impressive defender Pepe, who has arrived for the princely sum of €30 million.
That arrival from the Camp Nou of Saviola and the return of Saldado from a loan spell will give him some decent attacking options, but Ruud Van Nistelrooy remains the standout striker on his squad. The Dutchman will be needed to repeat his excellent first season with the club if Schuster is to get his hands on a trophy at the first time of asking. Real Madrid can never be ruled out, and the format of the Champions League will give the new manager time to get things sorted. But there are too many questions that need to be answered, and at a price of around 9/1, Los Merengues are perhaps a little short to take on.
The Rest
The other two Spanish sides, Valencia and Seville, both will offer a threat to whomever they face, but it is the UEFA Cup holder that could be the real surprise of the tournament.
Seville has proven over the last few years that it is a formidable cup side, and if it progresses from the group stages, it could make a decent run at getting to the final. Valencia, though it's never won the competition, always makes a good stab at it, and it too shouldn't be completely ignored.
Germany is going through something of a slump at the moment, and the absence of four-time winner Bayern Munich is a sign that the standard there has dropped below that of England, Spain, and Italy. All three teams can cause problems on a good day, and any one could advance past the group stages, but as with all markets in the Champions League, you should stick to the most obvious choices to turn a profit.
Lyon is a dominant force in France and can be relied upon to put in a good showing and chalk up some good results, but, again, the lower standard of its domestic league will mean it'll eventually come unstuck against one of the bigger sides.
Marseille, PSV, and Porto are worth a mention, but only to say that they all are long prices for a good reason; only unprecedented amounts of luck will see them or any other side not mentioned make any serious waves.
Luck and hard work are always requisites for success, but in a competition that can mean more to some than their own domestic leagues, you just don't see the complacency from the big clubs that would allow a complete outsider to triumph.
Skill will prove to be the deciding factor, and there'll be plenty of that in this year's Champions League; the question is who will shine when it matters most. We'll find that out in Moscow on May 21, 2008.
