Bayern Munich holds a slim edge as trader consensus favorite at 33.5% implied probability after their thrilling 6-4 aggregate quarterfinal victory over Real Madrid, sealed by late goals from Luis Díaz and Michael Olise in a 4-3 second-leg thriller at Allianz Arena. Arsenal advanced narrowly 1-0 on aggregate against Sporting CP via a goalless return leg, maintaining 27.5% backing amid strong defensive form, while PSG's commanding 4-0 rout of Liverpool elevates them to 25.5% on potent attack led by recent scoring bursts. Atletico Madrid's resilient 3-2 upset of Barcelona limits them to 11.3%, as traders weigh their gritty style against explosive semifinal foes in Arsenal-PSG/Bayern ties set for late April, underscoring a fiercely competitive knockout path with no dominant force.