Paris Saint-Germain enter the 2026-27 Champions League as the team to beat, having won each of the last two editions and now chasing a third straight title. No club has won three in a row since the competition took its current name in 1992, so the +500 favorites carry both a target and a piece of history on their backs. Luis Enrique keeps a deep, settled squad, and the bookmakers agree that Paris are the side everyone else must catch.
How PSG became European royalty
PSG lifted their first Champions League in 2025 with a commanding 5-0 win over Inter in Munich. They retained it in 2026, edging Arsenal on penalties in Budapest after a 1-1 draw, with Vitinha named man of the match.
Those two titles turned a long project into a dynasty. Qatar Sports Investments chased this prize for more than a decade, and Luis Enrique finally delivered it in consecutive seasons.
- PSG Champions League titles: 2 (2025 and 2026)
The core that won in Budapest stayed together. Ousmane Dembele remains the focal point in attack, Vitinha runs the midfield, and Achraf Hakimi and Nuno Mendes give the defense rare balance out wide.
The one big summer move
Paris kept their spending measured again, then made a single statement signing. Ferran Torres arrived from Barcelona for around €50 million and took the number nine shirt left open by Gonçalo Ramos, who moved to AC Milan.
Torres landed in Paris fresh off the biggest moment of his career. He scored the winner in extra time as Spain beat Argentina in the 2026 World Cup final in New Jersey, and he now works again with Luis Enrique, his former national team coach.
- Ferran Torres transfer fee: around €50 million
His early form pointed to an easy fit. Torres scored twice on his Ligue 1 debut against Rennes, handing Luis Enrique one more proven finisher for a long European run.
What the new format asks of the champions
The Champions League keeps its 36-team league phase for a third season. Every club plays eight matches against eight different opponents, four at home and four away, drawn from four seeded pots.
The draw in Monaco on 27 August handed PSG a demanding set of games, including a trip to Barcelona that sends Ferran Torres straight back to his old club. Elsewhere in the draw, Real Madrid meet Arsenal and Barcelona face Manchester City, giving the league phase several ties that would not look out of place in the knockout rounds.
- Teams in the 2026-27 league phase: 36
The top eight teams advance directly to the round of 16, while the sides ranked ninth through twenty-fourth drop into a playoff round over two legs. Matchday 1 falls on 8 September 2026, the league phase closes on 27 January 2027, and the final is set for the Estadio Metropolitano in Madrid on 5 June 2027.
Who can stop them
The list of challengers is deep this year. Arsenal want revenge after Budapest and strengthened again over the summer with Bruno Guimaraes and Ezri Konsa, and Mikel Arteta’s side sit near the top of the betting.
Barcelona under Hansi Flick arrive as repeat La Liga champions and remain one of the most watchable teams in Europe, even after losing Ferran Torres and Robert Lewandowski. Bayern Munich, beaten by PSG in last season’s semifinals, again look built for a deep run under Vincent Kompany.
Real Madrid open a new era under Jose Mourinho and can never be written off in this competition, with 15 titles already in the cabinet. Manchester City and Liverpool round out a contender group that runs six or seven clubs deep, which is exactly why the market rates this field so tight.
- PSG odds to defend the title: 5/1
The American angle
There is plenty here for US fans beyond the Paris storyline. Robert Lewandowski left Barcelona this summer for the Chicago Fire, joining a growing list of familiar European names now shaping MLS rosters.
The World Cup thread runs through the whole tournament too. Ferran Torres, Spain’s final hero on American soil, is the clearest link between the summer showpiece in North America and the European season now getting underway.
The verdict
PSG have the squad, the manager, and the momentum to make history, and starting as favorites feels right. A third straight title is one of the hardest feats in the sport, and eight league phase games plus a full knockout run leave little room for a slip.
The read heading into September is clear. Paris are the favorites, the chasing pack is closer than the odds suggest, and the road to Madrid looks like the most competitive in years.
Frequently asked questions
Can PSG really win a third straight Champions League? Yes, and they open the 2026-27 Champions League as +500 favorites to do it. No team has won three in a row in the modern era, so the history alone makes it a tall order even for a squad this strong.
Who are the biggest threats to PSG in the 2026-27 Champions League? Arsenal, Barcelona, and Bayern Munich head the chasing pack, with Real Madrid, Manchester City, and Liverpool close behind. Most analysts rate the 2026-27 Champions League field as one of the deepest in years.
When is the 2026-27 Champions League final? The final is scheduled for 5 June 2027 at the Estadio Metropolitano in Madrid. The league phase begins on 8 September 2026 and runs through late January.
Where can I watch the 2026-27 Champions League in the US? Every match streams on Paramount+ in English, with selected games on CBS and CBS Sports Network. Spanish-language coverage runs on Univision, TUDN, and ViX, and Pluto TV shows one free match each week.
Paris Saint Germain
Ferran Torres
Ousmane Dembélé