Paris Saint-Germain enter the new Champions League season not as hopefuls but as holders. Their 5-0 demolition of Inter Milan in last spring’s final reset expectations. The team that for years carried the weight of failure now carries a different burden: proving that last year was not a one-off.
Luis Enrique has been clear about the mindset shift. “For me, it’s harder to win the first than the second,” he said. “We must constantly think about getting better… our objective is to make history again.” For once, PSG sound like a club comfortable in their own skin.
The squad is nearly intact from the one that lifted the trophy in Munich. The only major change came in goal, where Lucas Chevalier replaced Gianluigi Donnarumma after a $40 million move from Lille. At the back, the addition of Ilya Zabarnyi, signed for about $72 million from Bournemouth, gives more depth alongside Marquinhos and Willian Pacho. The midfield remains young and technical, anchored by Manuel Ugarte and energized by Vitinha, Fabián Ruiz, and João Neves. And then there is the attack: Khvicha Kvaratskhelia, Désiré Doué, Bradley Barcola, and above all Ousmane Dembélé, who scored 35 goals and provided 16 assists last season.
Injuries cloud the early weeks. Dembélé is sidelined with a hamstring strain and Doué with a calf injury. Both are expected back within a month, but their absence leaves PSG leaning on Barcola and Kvaratskhelia to create. Supporters are already bracing for the familiar anxiety over Dembélé’s fitness, aware that his explosiveness often tilts big games. Still, the squad is deeper than in years past. Nuno Mendes has returned at left back, Warren Zaïre-Emery is fit again, and Enrique has options across the pitch.
Rivals waiting in the wings
The pursuit of a second crown will run through familiar names. Barcelona loom as the most immediate test, drawn into the league phase with PSG. The Catalans arrive with Lamine Yamal blossoming into a star, Robert Lewandowski still scoring, and Hansi Flick pushing an open, high-risk attack. Their weakness remains a defense that conceded too often last season, something PSG will look to exploit.
Real Madrid stand as another giant obstacle. Kylian Mbappé finally wears white, and though Xabi Alonso’s system is still bedding in, Madrid rarely stay quiet in Europe for long. Bayern Munich are under Vincent Kompany, Liverpool under Arne Slot, and Manchester City, even in transition, still have Erling Haaland. This is not a soft field.
What PSG hold that others may not is balance. Last spring they pressed high, controlled midfield, and attacked with variety. Inter’s defenders were pulled apart by forwards who never stood still. If that rhythm carries over, Paris can withstand both the chaos of Barcelona and the structure of Madrid or Bayern. Yet history warns how hard repeating can be. No club has defended the Champions League since Real’s three-peat under Zidane.
Odds makers place PSG among the top three favorites, roughly even with Liverpool and Barcelona. Supporters believe this squad is stronger, pointing to its youth as evidence that peaks are still ahead. Detractors point to fragile hamstrings and the grind of another 60-game season. Both sides agree on one thing: PSG are no longer judged on Ligue 1 alone. Every slip or surge will be measured against the promise of Europe.
PSG begin this season not as underdogs or dreamers, but as a club expected to stand on that stage again. For Enrique and his players, the question is not whether they can win it. It’s whether they can live with being the standard everyone else is chasing.
