Barcelona, Luis Enrique, Sergi Roberto
Barcelona coach Luis Enrique hugs winning goal-scorer Sergi Roberto after beating Paris Saint-Germain, Barcelona has since been made odds-makers favorites to win the Champions League. Reuters

In the space of seven incredible minutes at the Camp Nou Wednesday night, Barcelona went from staring at its earliest Champions League defeat in a decade to becoming the favorite to claim a fifth title in 12 seasons. That was all the time Barcelona required to turn an emphatic round-of-16 defeat against Paris Saint-Germain into not only the biggest but the most remarkable comeback in the history of European competition.

If Lionel Messi, Neymar, Luis Suarez and others can do that, few would bet against them going on to lift the trophy. The bookmakers, at least, said it was a distinct possibility.

Read: Barcelona vs. PSG Video Highlights: Catalans Record Miraculous, Record-Setting Champions League Comeback

Following a 6-5 aggregate win over PSG, Barcelona had the shortest odds to win it all, ahead of Bayern Munich and its fierce domestic rival Real Madrid.

Like PSG, Bayern Munich recorded a resounding four-goal victory in the first leg of its last-16 series. But, unlike the French champion, the Bavarians made its advantage count in leg two, crushing a deflated Arsenal 10-2 on aggregate. With Carlo Ancelotti at the helm, whose three Champions League titles is a joint record, Bayern look to have every chance going into the final eight.

The same was true for the team with which Ancelotti won his most recent Champions League crown, Real Madrid. Despite coming under early pressure during the second leg of its series with Napoli, the current champion ended up cruising through 6-2 on aggregate.

The only other team so far with a place in the quarterfinals already secured, Borussia Dortmund, also enjoyed comfortable passage, overturning a 1-0 first-leg deficit against Benfica to win 4-1 on aggregate.

The four remaining round-of-16 second legs will be contested next week. But both Atlético Madrid and Juventus look primed to reach the last eight after securing two-goal away wins in their first legs last month. And their odds to win the title reflect both that fact and that both teams have reached the final of the Champions League in the last two seasons.

A third title for Pep Guardiola, whose Manchester City side recorded a thrilling 5-3 win over Monaco in its first leg can also far from be ruled out. In the final remaining last-16 series, Sevilla will take a narrow 2-1 lead to struggling Premier League champion Leicester City.

Champions League Winner Betting Odds
Barcelona – 11/4
Bayern Munich – 3/1
Real Madrid – 9/2
Juventus – 9/1
Borussia Dortmund – 10/1
Atlético Madrid – 10/1
Manchester City – 12/1
Sevilla – 25/1
Monaco – 50/1
Leicester City – 80/1
Porto – 250/1
Bayer Leverkusen – 500/1