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Bayern Munich (+275) and Manchester City (+450) are the top two favorites to win the 2020-21 UEFA Champions League, with banged-up Liverpool right behind them at odds of +600, according to the BetMGM.

After those three, though, the odds fall off dramatically into a second tier of teams (Barcelona, +1200; Juventus, +1400; Real Madrid, +1500; and PSG, +1500) who are mostly there because of what they have done in the last decade.

But the value, if you don’t think Bayern Munich or City will win it, may come in the third tier of teams.Here are three sides, outside of the top two teams, that will also see their odds drop the further they get into the tournament.

Borussia Dortmund (+2800 to win the Champions League)

This team is very dangerous, and just added Youssoufa Moukoko to the squad which already includes a ridiculous amount of firepower, led by Erling Braut Håland, Jadon Sancho, and Gio Reyna.

If you don’t know who Moukoko is, go watch this video: he is the real deal, and is just 16 years old.

I would not be surprised to see Dortmund make a deep run into the Champions League, and if things break the right way, they could win the whole thing. But two things: Dortmund has a “thing” when they play Bayern Munich, which could be an issue, and they also have a history of bottling in this competition. You don’t want to be throwing money down on teams that can’t even make it out of the Round of 16.

Atletico Madrid (+2500 to win the Champions League)

Many people were picking Diego Simeone’s side to make the final in August, after they knocked off the defending champions Liverpool in the Round of 16, but Atletico then went out in the one-game knockout quarterfinals and lost to RB Leipzig.

This team has a stronger attack, led by Joao Felix, and always has a strong defense. But once again, after two losses to Real Madrid in the 2014 and 2016 Finals, is this team snake-bitten? 

Manchester United (+2000 to win the Champions League)

I find it interesting that the Red Devils, who have not even qualified out of a tough Group H yet, are currently eighth choice, ahead of a lot of very good sides.

Manchester United can be a mess, but the Red Devils have also played well against better competition in this competition, and in the Premier League, over the last season-plus.

It is probably a tough ask, but this team could be dangerous if it gets through into the knockout stages.

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