The first leg of the Champions League round of 16 has come to an end. It is safe to say that some matchups are essentially finished with most away teams taking advantage in the first leg and pulling away with favorable results.

The teams that are as good as done include Schalke 04, Arsenal, Manchester City, Zenit St. Petersburg and Bayer Leverkusen. While Arsenal and City fans are only down 2-0 heading into the second leg, they must do so at the home stadiums of perennial contenders Barcelona and Bayern Munich. Good luck with that.

But there remain other sides with chances to lift the trophy. Which teams positioned themselves as the favorites after the first leg? Here is a look at the Champions League's top contenders thus far.

 11. AC Milan

That AC Milan was not trounced against Atletico Madrid is a testament to how well the team played in the first leg. Milan actually had a chance to take control of the game but was thwarted by the efforts of goalie Thibaut Courtois. The away leg in Madrid will be tough, but a 1-0 deficit is not insurmountable.

10. Manchester United

Does this team, under David Moyes, even deserve to be on this list? Not the way that they played on Tuesday. A 2-0 loss against Olympiacos was rather heartbreaking and should condemn them to elimination. However, the team is headed home and could make some news at Old Trafford. This was a rare loss against a Greek side and it is likely that United will be fired up to bounce back.

9. Olympiacos

The Greek side was terrific against Manchester United and will likely be content to play a more conservative game in England. But even if they do get past the round of 16, who honestly fancies them to make a deeper run?

8. Galatasaray

Didier Drogba and company managed a 1-1 draw at home against Chelsea and will need to win or draw at least 2-2 to earn a spot in the next round. This team is more than capable of achieving that feat but looks destined to falter against a bigger side.

7. Atletico Madrid

There was a time when Los Colchoneros were a dark horse to make a deep run. But their rather uninspired performance against AC Milan in the first leg and their recent struggles in the domestic league do not bode well for Diego Simeone's side. Regression seems to be taking its course.

6. Chelsea

Jose Mourinho rallied the troops for the first half but seemed to forget where he left them in the second half. Chelsea was completed dominated in the final 45 minutes of their game against Galatasaray. Eden Hazard's rather mediocre play today showed how impotent the team was without him at his best. This team does not look like it has the offensive fireworks to contend with a top side this season.

5. Borussia Dortmund

The German giants have struggled thus far in the domestic league. Their 4-2 win over Zenit was dominant, but they still conceded two goals and looked weak defensively at some points in the game. This team looks more vulnerable than last year and that likely points to the team falling apart in the final rounds.

4. Paris Saint-Germain

PSG was not terrific against Bayer Leverkusen. But the team does not need to be, as long as Zlatan Ibrahimovic is around. With 10 goals in the UCL, one must wonder what else the superstar needs to do to become recognized as one of the top players in the world. He has single-handedly carried this team to the quarterfinals in this tournament and looks poised to do more damage in coming rounds.

3. Barcelona

Barcelona is good, but they are not looking great. The team is filled with superstars that can still manage to pull off wins at will, but the system is looking ragged and worn. Gerardo Martino's roster mixing is looking increasingly questionable and Lionel Messi's superhuman ability to carry this team to victory is also waning. Recent losses against Real Sociedad and Valencia are signs of trouble and one must question whether this team can really defend against a top side. The 2-0 win over City was great, but how would it have turned out without the red card?

2. Real Madrid

Los Blancos thoroughly dominated when it mattered most against Schalke 04 on Wednesday and are firing on all cylinders. The team is approaching an unbeaten run of 30 games and is getting offense from all over the pitch. Cristiano Ronaldo looked like a man on a mission and managed two goals; Gareth Bale and Karim Benzema also managed the same output. But it was not only the three dynamic scorers who looked purposeful. Angel Di Maria nearly scored a few goals himself and the other two midfielders Luka Modric and Xabi Alonso played with tremendous intelligence. The defense was steady and supportive at every turn; Sergio Ramos helped set up Bale's second goal.

1. Bayern Munich

Pep Guardiola's side looked weak in the opening minutes against Arsenal but eventually asserted its game thanks to the dominant play of Toni Kroos. This team looks organized and dynamic in every possible way and one would be hard-pressed to find any major faults with the setup. Munich remains the favorite to lift the UCL trophy in May.