Despite the painfully protracted league phase running through the first five months of the season and the play-off round providing some drama, for many the Champions League doesn't truly begin until the last 16 gets underway. If you are one of those fans, then you likely loved the past week or so of European action.Sixty-eight goals were scored across the eight ties at an average of 4.25 per game as supporters across the continent were treated to almost non-stop entertainment. The Premier League were the big losers of the round as four of their six representatives crashed out while a bunch of previous winners set their stalls out for another deep run with some eye-catching performances.So with the last-16 in the rearview mirror, who is now best placed to go on and lift the trophy in Budapest on May 30? GOAL ranks all of the remaining contenders below...Previous update: March 12, 2026. Teams eliminated: Bodo/Glimt, Chelsea, Manchester City, Bayer Leverkusen, Newcastle, Atalanta, Galatasaray & Tottenham.Only four teams had ever come from three or more goals down after the first leg of a Champions League knockout tie to win before this season, but Sporting were able to make it five after they set about Bodo/Glimt from minute one in Lisbon and got themselves over the line in extra-time, eventually running out 5-0 victors on the night to end the Norwegians' fairy-tale run.Rui Borges' side got a little lucky given how soft the handball decision for the penalty which brought the tie level was, but they ultimately deserved the margin of victory on the night given their dominance in the Portuguese capital. They will need to raise their game again, however, if they are to have any chance of beating Arsenal in the quarter-finals.It proved to be third time lucky for Liverpool on Wednesday, as after two away defeats to Galatasaray in Europe this season, they finally got the better of the Turkish giants on Wednesday, running out 4-0 winners at Anfield to book safe passage to the quarter-finals. Mohamed Salah shook off a first-half penalty miss to score a beauty and play a role in two more goals in what Jamie Carragher termed the Reds' "best performance of the season".For all their Premier League struggles this term, Arne Slot's side have now shown what they are capable of, although Paris Saint-Germain will offer a sterner test in the next round. Liverpool are, of course, out for revenge following last season's loss to the eventual winners in the last 16, but they will have to raise their game yet again if they are to go any further in this season's competition.Atletico Madrid did the hard work in knocking out Tottenham in the first leg of their last-16 meeting, winning 5-2 in a game that was largely gifted to them by the Premier League strugglers. Still, that probably shouldn't excuse their 3-2 second-leg loss, even if Ivan Tudor's team do seem to be showing some improvements in their battle to avoid the drop.The good news for Diego Simeone is that Julian Alvarez seems to have hit form again following a mid-season goal drought, but this Atletico team is not the same stout side that helped 'Cholismo' regularly frustrate European giants a decade ago. They know they can hurt quarter-final opponents Barcelona in attack, but keeping them out at the other end is a whole different matter.Add GOAL.com as a preferred source on Google to see more of our reportingWe've said it over and over again this season that we're seriously unconvinced by Barcelona - and even during Wednesday's 7-2 demolition of Newcastle there were signs that they remain shaky in defence given Hansi Flick's insistence on playing a high line, coupled with a number of injuries to key players in the backline and Frenkie de Jong in front of them.In Lamine Yamal and Raphinha, Barca do still possess two of Europe's most fearsome forwards, while Robert Lewandowski even rediscovered his goal-scoring touch against the Magpies and might fancy one final flourish in what may prove to be his last Champions League season. Add in Pedri's brilliance and there is plenty to suggest that, if the Blaugrana can keep things tight at the back, they could yet go all the way.First up, they need to avoid a repeat of their Copa del Rey semi-final defeat to Atletico Madrid when they face Diego Simeone's side in the quarters, with the Rojiblancos having torn Barca apart at the Metripolitano during that two-legged tie.Will we ever learn?! Real Madrid entered their last-16 meeting with Manchester City without the injured trio of Kylian Mbappe, Jude Bellingham and Rodrygo, amongst others, while recent defeats to Osasuna and Getafe remain fresh in the memory. So of course they wouldn't be able to conjure up some of their old Champions League magic given how much the odds were stacked against them?...Fede Valverde's remarkable first-leg hat-trick put Madrid in complete control of the round's headline tie, and though they needed Thibaut Courtois to be at the top of his game and Bernardo Silva to get himself sent off midway through the first half of the return fixture to ensure a comfortable passage through at the Etihad, Alvaro Arbeloa's side got the job done thanks to two goals from Vinicius Jr.The Brazilian is something of a knockout rounds specialist, and spoke of how he is now looking forward to the "best part of the season", with Madrid all of a sudden back looking like potential winners once more. If they are able to take down Bayern Munich's high-powered machine in the quarter-finals, then few would bet against the Blancos going all the way.PSG might not be the same all-conquering team that swept all comers aside on their way to winning last season's competition, but they looked a lot closer to their best during their dismantling of Chelsea over the past week, eventually running out 8-2 winners on aggregate after putting the tie to bed early in the second leg at Stamford Bridge.Khvicha Kvaratskhelia and Bradley Barcola are rounding back into form while Ousmane Dembele's fitness woes are close to being behind him just as the French champions enter the most crucial part of the campaign. Luis Enrique's side will subsequently be favourites to get past Liverpool in the quarter-finals, meaning the successful defence of their continental title is very much on.We didn't need Bayern Munich battering Atalanta 10-2 on aggregate to tell us that the Bavarians are a real contender to win this season's Champions League. We already knew that after they defeated PSG at Parc des Princes with 10 men during the league phase.However, the Bundesliga champions' demolition of the 2024 Europa League winners was an incredible reminder of the quality of Vincent Kompany's squad - particularly as Ballon d'Or favourite Harry Kane only played in the second leg.So, while Bayern are undeniably on the wrong side of the draw and would have hoped to avoid Real Madrid at this stage, we think it's fair to say that they have no reason to fear any team left in this competition.Arsenal weren't at their best in Leverkusen for the first leg of their last-16 tie, but raised their game sufficiently at the Emirates to comfortably make it through in the end. Were it not for Bayer goalkeeper Janis Blaswich, the Gunners would have won much more comfortably, and in the end they needed a stunning first Champions League goal from Eberechi Eze and not unimpressive strike from Declan Rice to secure a deserved victory.Their passage through the 'easy' side of the draw now takes Arsenal to Lisbon to take on Sporting CP, and while their pursuit of four trophies could yet have an adverse effect on their energy levels as we enter the final stretch of the season, the Gunners remain the most likely finalist of all the eight teams left in the competition, and thus should again be considered favourites.