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The group stages had their drama as European heavyweights such as Manchester United and Inter Milan exited, while 13-time winners Real Madrid only made it through on their final group game.
But the real excitement comes in the knockout stages in 2021 - and the stats experts at FiveThirtyEight.com have crunched the numbers to produce a model which shows each club's chances of winning. The results are a surprise.
While defending champions Bayern Munich are the slight favourites with the bookies to retain their title, FiveThirtyEight have them second with a 17% chance of lifting the trophy.
In first place, with a 24% chance of victory, is Manchester City. So far City have massively underperformed in Europe given their talent and budget, exiting the tournament at the quarter-final stage for the third straight time last season.
However they undoubtedly have quality players and a manager in Pep Guardiola who's won this trophy twice. So we can see some logic there.
Liverpool are given only a 7% chance of winning back the trophy they last lifted in 2019, which is the same number as Frank Lampard's Chelsea and last season's runners-up PSG. Perhaps that's also a shock given LFC's European pedigree.
Most surprisingly of all, Barcelona are given a 10% chance of victory. So Lionel Messi and his teammates are going to need a very happy Christmas to turn their form around and make that one-in-10 chance look realistic.
Real Madrid are given a 6% chance of success, while Juventus are only 10th out of the 16 clubs with 3%. See the full table below - and learn how the FiveThirtyEight produced their detailed statistical model here.
16. Lazio: under 1%
15. FC Porto: under 1%
14. Borussia Monchengladbach: under 1%
13. Sevilla: 1%
12. Atalanta: 1%
11. RB Leipzig: 3%
10. Juventus: 3%
9. Atletico Madrid: 5%
8. Real Madrid: 6%
7. Borussia Dortmund: 6%
6. PSG: 7%
5. Chelsea: 7%
4. Liverpool: 7%
3. Barcelona: 10%
2. Bayern Munich: 17%
1. Manchester City: 24%
All imagery: PA Images/UEFA