Two seasons in: has the new Champions League format delivered?

UEFA's redesigned Champions League is no longer an experiment. Two completed seasons of the 36-team league phase give us enough data to judge it on its own terms, and the headline numbers are positive: average match competitiveness, measured by xG differential, is up 14% on the old group stage, and broadcast revenue has grown by roughly a fifth.

Beneath the surface, however, the format has subtly entrenched the position of Europe's wealthiest clubs. The eight automatic round-of-16 spots have, in both seasons, gone to clubs with squad values in the top twelve. The play-off round — designed to add jeopardy — has become a predictable filter rather than a genuine equaliser.

The competitive question for the next cycle is whether mid-tier clubs can use the additional fixtures to close the gap, or whether the extra revenue simply compounds the advantage of those already at the top. The answer will shape transfer strategy across the continent for the rest of the decade.