With a little more context, the explanation is clear: Arsenal and Barcelona are making comebacks. The other teams mentioned are proven winners – PSG and Man City are reigning league champions in France and England. It’s priced in. Not only that, but looking at league competition Manchester City has won four of the last five seasons; Paris Saint Germain has won eight of the last 10, and even Barcelona, whose legacy speaks for itself, has won 10 out of the last 20, although it hasn’t finished first since 2018-2019. On the other hand, Arsenal has been a top team for decades, though it hasn’t won the Premier League since the days of “The Invincibles” days of 2003-2004.