With the Champions League draw in the books, it's time for a new edition of the power rankings. You can find the previous edition here.

The rankings are based on a combination of league performance (relative to overall strength of the league), European performance (Champions and Europa League), and my own personal bias and subjectivity. As the Champions League was just cut down from 32 to 16 teams, qualification for the knockout rounds is weighed most heavily in this edition. If you disagree with anything, feel costless to explain why in the comments below.

The draw pits some of Europe’s top powers against each other, most notably Barcelona - Manchester City and Bayern Munich - Arsenal. Teams in the lower half of the top 20 have a chance to make a statement when the competition resumes. Here are the full rankings:

1. Atlético Madrid (up 1) - Other teams have faltered, but Atleti keep winning. Bayern may regain this spot, but for now Los Colchoneros deserve to be number one.

2. Bayern Munich (down 1) - Bayern seemed like they were strolling to another routine victory after going up 2-0 within ten minutes against Manchester City - but the Sky Blues had other ideas. Manuel Pellegrini's men turned the tables and shocked Die Roten, ending their Champions League winning streak. Bayern have a chance to reassert their world domination in this month’s Club World Cup.

3. Barcelona (up 2) - Neymar is taking the reigns in Lionel Messi’s absence. The only question is, how will they coexist when La Pulga makes his return?

4. Real Madrid (down 1) - The defensive mistakes Madrid had been making earlier in the season returned to haunt Los Blancos in Pamplona, which is no easy place to play. They fell to 5 points off the pace in La Liga.

5. Manchester City (up 5) - It's almost impossible to have a better week than City had, beating Bayern Munich in Germany and smacking Arsenal in front of their home fans to cut their Premier League gap in half.

6. Paris Saint-Germain (unchanged) - One of the more intriguing Champions League matchups is the French-German battle of PSG - Bayer Leverkusen. If Les Parisiens are a superclub as they want us to believe, they should win this round.

7. Borussia Dortmund (up 1) - A twist of fortunes at the last stages of the ‘Group of Death’ resulted in BVB going through as the group winner. They now have a relatively easier matchup with Zenit while unlucky Arsenal were paired with defending champions Bayern Munich.

8. Arsenal (down 4) - Arsenal probably have a legitimate complaint about the difficulty of their UCL round of 16 draws over the past several years, and they’ll face Bayern for the second year in a row at this stage. But they’ve only themselves to blame for the poor showing in Naples that lost them the group.

9. Manchester United (up 4) - Still 10 points off the lead in the Premier League, but there is plenty of time for United to make up ground. They should be clear favorites to defeat Olympiakos and advance to the UCL quarterfinals.

10. Bayer Leverkusen (up 5) - Leverkusen were relatively fortunate to draw PSG. The French team likely won’t have a comparable test in Ligue 1 until this fixture comes round in February.

11. Chelsea (down 2) - At least United beat Sunderland. Chelsea won their Champions League group but now have a dangerous reunion with Didier Drogba coming up. The Blues’ recent form has to be worrying for manager José Mourinho.

12. Juventus (down 5) - The shock of this year’s Champions League was Galatasaray ousting last year’s quarterfinalists Juventus. The Old Lady is leading the pack domestically, but it’s a disappointing step back for her in Europe.

13. Zenit St Petersburg (up 3) - Zenit are tied atop the Russian Premier League, which is now on break until March. That long layoff may affect them when the Champions League resumes in February, as they face last year’s runner up Borussia Dortmund.

14. Roma (down 3) - Roma still haven’t lost, but they are losing ground due to 5 draws in the past 6 matches. The Scudetto might not be a realistic objective at this point, but earning a Champions League berth surely is.

15. Galatasaray (previously unranked) - Wesley Sneijder’s 85th minute goal to eliminate Juventus powered Galatasaray all the way to 15th on this list. Didier Drogba has to be looking forward to facing his old club, especially given their poor defensive form of late.

16. Napoli (down 4) - No team was more hard done by the Champions League group stage than Napoli. The Partenopei came very close to stunning Arsenal but ultimately ran out of time to find what would’ve been a crucial third goal. Their cruel consolation was becoming the first club to go out with 12 points in the opening round.

17. Schalke 04 (up 3) - Schalke took care of business at home to FC Basel with a solid 2-0 victory. Their next matchup with Real Madrid looks daunting, but Los Blancos have historically struggled against German sides in the Champions League.

18. Olympiakos (down 1) - Olympiakos impressively edged out Benfica to move on and are clearly the class of the Greek Super League. They now face a true European test against Manchester United.

19. Liverpool (previously unranked) - It seems there are no limits to what Liverpool can achieve with Luis Suárez in this kind of form. If they can hang onto him through January and finish in the top 4 this season, they will definitely be challengers in next year’s Champions League.

20. AC Milan (previously unranked) - They really don’t deserve this spot for their overall play this year. But they are the only Italian team still alive in the Champions League, and Europe’s top competition is weighted most heavily in these rankings.

The rest: Fiorentina, FC Basel, Shakhtar Donetsk, Benfica, Porto, Ajax, Athletic Bilbao, AS Monaco, Borussia Mönchengladbach

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About the author
Sean DiSesa
Real Madrid and Spain, Georgetown Hoyas Basketball, New York sports, US Soccer. Also contribute to Bloomberg Sports StatsInsights and Sofa Football. Find me on Twitter @SeanDiSesa.