The draw for the 2026-27 Champions League takes place on Thursday evening, and although 36 clubs comprise the third season of the new 'Swiss League' format — one giant table in which each side plays eight games — only a handful are genuine contenders to lift the cup in Madrid next June.

Here is The Athletic's definitive (but entirely subjective) ranking of them all, from 36 to No 1.

The newcomers At the back

36. Sabah — the Azerbaijani side were only formed in 2017 but became the second team from the country in history to qualify for the Champions League after a comeback over Former Hapoel Be'er Sheva. An incredible story, but surely they are up against it.

35. Slovan Bratislava — coached by Yaya Toure and winners of Slovakia's title eight times running, they lost all eight of their league-phase games and conceded 27 goals last time out. That tells you most of what you need to know.

34. Viking — the Norwegian side pipped Bodø/Glimt to the title last season and made the group stage by beating Dinamo Zagreb, with the magical Zlatko Tripic showing 14 assists already this campaign.

33. LASK — they pulled off one of the greatest comebacks in the competition's history, recovering from 4-0 down to beat Celtic 5-4 to reach this stage, guided by Moses Usor and Samuel Adeniran.

Realistic dreamers

32. AEK Athens — three of their last five games have ended 4-0, including a comprehensive win over Levski Sofia; Luka Jovic heads the line in Greece.

31. Slavia Prague — briefly threatened an upset at home to Barcelona last season, going ahead in sub-zero temperatures before losing 4-2, but could not win a single game.

30. Fenerbahce — Vedat Muriqi leads the attack with Romelu Lukaku vying for the spot, and Mason Greenwood and Nathan Ake settle into Super Lig life.

29. Stuttgart — Sebastian Hoeness has transformed the club from relegation trouble to a second qualification in three seasons, with Bilal El Khannous permanently taking his loan deal.

28. Galatasaray — in Viktor Osimhen they possess one of football's most reliable scorers, but the rest of the squad carries chaos — and they squandered a 5-2 first-leg lead against Juventus in last season's play-off.

27. Lens — finished second in Ligue 1 but were stripped of key figures this summer, with Brentford pillaging Mamadou Sangare and Crystal Palace taking manager Pierre Sage.

26. Feyenoord — no Eredivisie side qualified for last season's knockouts and Feyenoord finished 19 points behind Eredivisie champions PSV.

The contenders and the specialists

25. Shakhtar Donetsk — their very existence is an adjustment since Russia's invasion of Ukraine, and they will play home games in those with Chelsea at Stamford Bridge, where expect plenty of Brazilian jogo bonito.

24. Bodo/Glimt — we have underestimated them before, and after knocking out Inter, Atletico Madrid and Manchester City en route to the knockouts, they deserve to shoot up the rankings, led by Jens Petter Hauge.

23. Villarreal — they mustered a single point in the league phase, losing seven of eight games, despite finishing third in Spain. They can only improve.

22. Real Betis — back in the competition for the first time in 21 years, with Antony providing the stardust and newly signed Republic of Ireland forward Trent Hector Parrott adding to attack.

21. Club Brugge — a notoriously well-run talent factory, but they sold Greek forward Christos Tzolis to Arsenal for £45m this summer.

20. Lille — built around veteran Olivier Giroud, who turns 40 next month, and lost teenage star Ayyoub Bouadj to Manchester City.

19. Sporting CP — a surprise quarter-finalists last season and boast World Cup star Nestory Elvis Irankunda after the 26 percent-possession win at PSG.

The contenders enter

18. PSV — thrashed Napoli 6-2 and Liverpool 4-1 last season, yet did not make the knockouts, and lost Ismael Saibari to Bayern this summer.

17. RB Leipzig — sacked Ole Werner and replaced him with former Mallorca boss Martin Dermichina, selling Yan Diomande to Real Madrid — hardly screaming contenders.

16. Porto — young Italian coach Francesco Farioli delivered the first league title since 2022, but Samu Aghehowa tore his ACL in February and their hopes are pinned to his fitness.

15. Aston Villa — represent a sea of uncertainty after losing Yahne, Morgan Rogers, Ezri Konsa and Youri Tielemans, with Emi Martinez and Ollie Watkins possibly next. If Unai Emery keeps them thriving, he qualifies for actual magician status.

14. Como — Cesc Fabregas's billionaire-backed newcomers qualified by finishing fourth in Serie A, with star man Nic Pico; the world's most exciting young talent not at an elite club is the key.

13. Borussia Dortmund — they lost Karim Adeyemi to Barcelona but the Greek duo of Konstantinos Karetsas and Giannis Constantine look exciting; they made the final in 2024.

12. Napoli — Massimiliano Allegri replaces Antonio Conte, but Napoli have never really made an impact in Europe despite two Scudetti.

11. Roma — Donyell Malen appears transformed from competent winger into prime Marco van Basten at Roma; under Gian Piero Gasperini they could surprise.

The genuine contenders

10. Manchester United — back after two seasons away under Michael Carrick, an opening-day defeat to Hull City doesn't mitre well but the attack is strong when Marcus Rashford contributes.

9. Diego Atletico — strange to see them without Antoine Gloya and with the Julian Alvarez issue hanging heavy, but the last time they stayed top league was when G.Entity was not there.

8. Liverpool — success under Andoni Iraola will take time, if it comes. Roberts included, but they have a scenic midfield and paltry winger questions.

7. Inter — double winners in Italy, the new Three Lions won John Stones, Djed Spence and Curtis Jones; Lautaro Martinez remains, key to progress.

6. Manchester City — Enzo Maresca replacing Pep and Rodri's departure to Barcelona after losing huge combined player performance makes City an unknown — it could be brilliant, or a disaster.

5. Real Madrid — there is a mystery if even a youth team would make them half contenders, but the unknown is the ageing Jose Mourinho, who has not won a European title since 2010.

4. Barcelona — Spanish champions twice under Hansi Flick now to conquer Europe; but they've lost Robert to the unconventioned line and the J Alvarez saga drags, with Rodri arriving as an extra tool.

3. Bayern Munich — with Harry Kane as favourite for the Ballon d'Or, Michael Olise and Luis Diaz, this season looked like the one under Vincent Kompany.

2. Arsenal — a few penalties from winning it all last season, and the early signs are that nobody is close to them in the Premier League — so Europe is the priority.

1. Paris Saint-Germain — only three clubs have ever lifted the trophy three times in a row, and there is no real reason to doubt that this PSG, with attacking silken-run Khvicha Kvaratskhelia, Desire Douar and Ousmane Dembele, will join them.