This time last year Real Madrid were installed as favourites to be crowned European champions for an unprecedented 10th time. The fact they failed has changed nothing.
For the Spanish aristocrats start the new, streamlined Champions League season as the team everyone believes they will have to beat in order to lift the European Cup in the German city of Gelsenkirchen next May.
Real, European champions three times in the past six years, have even more attacking resources at their disposal than this time last year after signing David Beckham in a 35 million euros ($39.2 million) deal from Manchester United.
The England captain is a devastating striker from dead ball situations and his subtle passing and contagious enthusiasm will only improve an attacking line-up already featuring Zinedine Zidane, Ronaldo, Raul and Luis Figo.
There are glaring weaknesses in the Real squad, though, and new coach Carlos Queiroz, who followed Beckham from Manchester United to replace Vicente del Bosque, will have serious problems if any of his first-choice players suffers a long-term injury.
Departing captain Fernando Hierro has not been replaced, leaving Ivan Helguera as the only experienced centre-back in the squad, and the sale of Claude Makelele to Chelsea has left a gaping whole in midfield.
Real face last season's UEFA Cup winners Porto, Marseille and Partizan Belgrade in the opening group phase and look strong enough to come through that -- as do most of the leading contenders for this year's title.
Once they do that, the race for the final is on. The second group phase has been dropped this season and the 16 survivors from the first round then move straight into a knock-out phase beginning in February and leading to the final on May 26.
STRONG MILAN
AC Milan start the defence of their crown with a home match against Ajax Amsterdam and they also face Celta Vigo and Club Bruges in the opening phase.
Coach Carlo Ancelotti has added Brazilian World Cup winners Cafu and Kaka to his squad, and has also hinted that Rivaldo, another World Cup winner, will feature more this season than he did last.
With Andriy Shevchenko always dangerous in attack, Gennaro Gattuso vibrant in midfield and the evergreen Paolo Maldini still dominating at the back, a stronger Milan should again go far.
Juventus, Italian title winners for the last two seasons and last season's Champions League runners-up, have also strengthened their squad in all departments.
Italy defender Nicola Legrottaglie, highly promising Ghanaian midfielder Stephen Appiah from Brescia and the exciting striker Fabrizio Miccoli should give coach Marcello Lippi some fresh options.
But it is the established men like Pavel Nedved, Alessandro Del Piero and last year's Champions League MVP, goalkeeper Gianluigi Buffon, who should ensure Juve are again among the contenders.
Another team desperate to be just that is Bayern Munich, four-times European champions, who are eager to make up for last season's shock first-stage exit.
"Our goal is quite clearly to win the Champions League and we're all very excited," said goalkeeper and captain Oliver Kahn.
Bayern hardly put a foot right last season, finishing their opening phase group with just two draws and four defeats from their six matches.
This time they have been grouped with Celtic, Olympique Lyon, and Anderlecht and although they will be without injured midfielders Jens Jeremies and Sebastian Deisler for their opening match at home against Celtic, the other teams fear them most.
The Bavarians pin many hopes on Dutch striker Roy Makaay, last season's Golden Boot winner signed from Deportivo Coruna, even though he has yet to find his best form in the Bundesliga.
SERIOUS CONTENDERS ?
This season's challenge from England is also likely to be significant with Manchester United looking to regain the cup for the first time since their epic win over Bayern in 1999, while Arsenal and Chelsea will be looking to win it for the first time.
Arsenal have usually flattered to deceive in the Champions League although skipper Patrick Vieira believes they will make a real challenge for honours this season despite relative transfer inactivity at Highbury, while until this summer Chelsea were not seen as serious contenders.
But after the arrival of Russian billionaire Roman Abramovich and his outlay of 110 million pounds ($175.7 million) on 11 new players, Chelsea must be taken as possible contenders.
Whether the likes of Makelele from Madrid, Juan Sebastian Veron from Manchester United, Hernan Crespo from Inter Milan and all the other glittering array of talent can merge into a team quickly enough to win the Champions League remains to be seen. But the opposition will under-estimate Chelsea at their peril.
Manchester United kickoff their campaign against Panathinaikos and then play VfB Stuttgart and Scottish champions Rangers in what are bound to be two passionate matches; Arsenal face Inter Milan, Dynamo Kiev and Lokomotiv Moscow while Chelsea meet Sparta Prague, Besiktas and Lazio.
It is now 10 years since Marseille won the Champions League, and the club are back among the elite after three difficult seasons.
But they still have defensive problems and Philippe Christanval, hired from Barcelona, is still too off-form to be paired with Belgian Daniel van Buyten.
Up front, Ivory Coast Didier Drogba, Russia's Dmitry Sychev and Egypt's Mido must prove they can raise their game to the top level again.