The league phase of the UEFA Champions League has reached its halfway point, with the picture clearing as to which teams will play on, who will end their European adventure and who will secure a critical bye into the round of 16.
So, who looks like a real contender? Who has won the heart of the soccer-loving public? And what do we make of where things stand after four matchdays?
Here are five thoughts about what we've seen so far:
PSG still big-time contenders for a three-peat
The last team to win back-to-back-to-back UEFA Champions League crowns was Real Madrid from 2016 to 2018. Paris Saint-Germain has won the last two, and the French squad currently sits atop the sizable table with four wins from four matches.
The games weren't exactly gimmies, either. PSG went to Manchester City and beat
the Sky Blues 4-2, then beat Barcelona by the same scoreline at the Parc des Princes a week later - the first loss of the season for the reigning La Liga winners.
There are some reasons to believe the lofty goal may be a bit too much for PSG. Khvicha Kvaratskhelia was a key contributor to the win last season and is on the shelf for this campaign because of a torn ACL.
It wasn't just the Georgian star who missed out the Nov. 3 match with Villarreal. Ousmane Dembele, Marquinhos and Nuno Mendes were among other injury absentees. Luis Enrique's men still beat Villarreal 6-0 away from home. They'll need some of those players contributing in the knockout round, but it's clear PSG won't concede its crown without a fight.
The Clásico clubs will also contend
While Barcelona suffered its first loss of the season to PSG, it has otherwise been nearly flawless. The talent is there for the Balugrana to once again contend, with Lamine Yamal and Raphinha powering the attack and the defense staying resolute despite a rotating cast of characters because of injury and tactical decisions.
La Liga rival Real Madrid may not have the recent accolades of Barcelona, but the win in the Clásico showed it can contend domestically. Los Blancos always have been better in the continental tournament, however, and join PSG as the only two teams to win all four of their first matches.
They all count the same, but they have not all been pretty. The rally in Roma got more attention, but Wednesday's win over AEK Athens was the perfect example of Real Madrid being both lucky and good. The Greek side twice scrapped its way to a lead, only for moments of individual magic to undo them. Then, Mourinho's side found one more goal and left town with a win that never looked certain.
Both teams look good for the round of 16, and anyone can contend from there.
Como gives the Champions League an actual underdog
Gone are the days when a team like Steaua București or Feyenoord were able to put together a magical season and lift the European Cup.
But that doesn't mean there aren't a few breaths of fresh air to be found.
Champions League debutant Como has been just that. Well, maybe not if you're from northern France, where Como put nine goals past Lens on Wednesday. Como also got the alarm bells flashing when it thumped Manchester United, 4-1 last round.
Cesc Fabregas' teams delightfully play like he did when he was between the lines rather than on the touchline. Nico Paz can finish off plays but flowingly facilitates for teammates. Anastasios Douvikas bagged a hat trick in the rout of Lens.
They are not shoo-ins for the next round because of the fixtures left, but it will be very enjoyable to see PSG visit Como on Jan. 20 and to see Fabregas return to Barcelona when Como visits Camp Nou on Jan. 27.
Some other potential spoilers? Brugge and Sporting are both off to three-win starts, with Sporting weathering the minor storm that has Paulo Fonseca set to take over for Rui Borges as manager.
Premier League teams continue to show money matters
While the Premier League's huge television deals have made its clubs nearly unbeatable in the Europa League and Conference League, the last three Champions League titles - and 12 of the last 14 - have been won from a team on the continent.
But a glance at the first several league performances shows that Premier League teams will be a factor.
Arsenal is pushing to get past the final and remains undefeated despite some important absences, with Declan Rice's equalizer to give the Gunners a draw at Bayern the highlight of the tournament so far.
Aston Villa, Manchester City and Liverpool also sit in the top eight, with Villa having fallen to Barcelona and Man City losing to PSG.
PSG, Barcelona and Real Madrid, and Bayern Munich all spend plenty as well, but every English team - with one notable exception - is making the most of its payroll, squad-building and skill on the field.
New Champions League format still tough to parse
The format put in place for the second year is now easy enough for fans to understand, but it still leaves plenty of questions. It's hard to know exactly what to think after the early matches - or to work out if managers care.
Barcelona boss Hansi Flick leaving Rodri out of his starting lineup against PSG so the star midfielder could rest up for a league game - even one as important as El Clásico - was enough to raise plenty of eyebrows.
It's not just at the top. While some teams are fighting for their lives to stay in the tournament at the midway mark, only a dozen of the 36 teams in this phase will be totally eliminated. With players managing minutes, some clubs may be content to settle for a mid-table spot and take their chances in the knockout phase playoffs. More than half of last year's quarterfinalists came through that route.
This article originally appeared on USA TODAY: Five things we've learned at the UEFA Champions League first phase halfway point
