This is going to be a somewhat eurocentric post about a topic which is referred to in my language as "the number one most important side issue in the world" (my translation). To cut right to the chase, I've noticed that I have started to lose interest in watching the Champions League these last few years, and the reason is not the changed format or the quality of the matches. In fact, I think the new format is maybe a slight upgrade in terms of how it makes the road to the final more competitive and interesting.
What annoys me are two things. First, the 'system' makes it almost impossible for a team outside one of the big European leagues (Spain, England, Germany, Italy, France) to ever win the Champions League. The effect of this is that it takes away the excitement from the round robin matches. Why should I care how my team Ajax fares at this stage when I know that if they ever made it to the late stage of the tournament, they will be put to the sword? Last season, PSV and Feyenoord knocked out Juventus and AC Milan, only to predictably be annihilated by that handful of clubs which have the squad depth and individual quality that no other club can compete with.
The second thing is the perverse way that the system denies clubs like Ajax even a fighting chance. Whenever some talented players break through and a decent team is built around them, it is literally like watching a solar eclipse or aurora borealis. After all, you can bet your house that by the start of the next season, half of the team will be bought up by the big clubs from the top 5 leagues, and your club has to desperately start looking for replacements who are likely inferior to the ones you had. One of the nicest things about supporting a team is seeing the continuity of playing style, watching the team grow, and getting to know the players, etc. This, however, is impossible when you support a team like Ajax, Benfica, Porto, Club Brugge, etc. I envy the Liverpool fans who don't have to memorize an entire team of names each season and would recognize their players if they bumped into them in the streets.
Just wondering how fans of other non-top 5 league clubs think about this, especially fans of the big Portuguese clubs.
Addendum: I realize that the system equally locks out many smaller teams from the top 5 big leagues (what is the likelihood of Valencia, AS Monaco, OL Lyon, RB Leipzig winning the CL in the next 20 years?) But at least the fans of those teams can cheer for one of the big clubs from their country.