Champions League Draw: More drama pending as Mourinho’s Benfica face Real Madrid in knockout phase play-offs

After a dramatic end to the league phase of the 2025/26 Uefa Champions League on Wednesday, the draw for the two-legged knockout phase play-offs was made in Switzerland on Friday, with reigning champions Paris Saint-Germain, record winners Real Madrid and English Premier League side Newcastle United among the 16 teams who found out their fate.

Below, you can find out the Champions League draw and who the eight winners from these play-off ties will face in the last 16, as well as the latest outright odds.

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Benfica vs Real Madrid

A re-run of Wednesday's dramatic game at the Estadio da Luz, where Benfica scored a dramatic injury-time goal through goalkeeper Anatoliy Trubin to win 4-2 and secure a play-off spot at the expense of Olympique Marseille.

Fifteen-time winners Real Madrid will have to put that defeat in Lisbon behind them, and at least this time around, they will have two legs to navigate past their former manager, Jose Mourinho, who will be looking to create more memories in European football's most prestigious club cup competition.

Last 16 opponents: Sporting CP or Manchester City

Bodo/Glimt vs Inter Milan

Like Real Madrid, Inter Milan missed out on a top-eight berth by a single point, but they will feel that they have secured an easier draw here, with Bodo/Glimt a surprise side in the play-offs.

Inter will be overwhelming favourites to advance to the last 16, but I Nerazzurri can't be too complacent, as Bodo/Glimt followed up a 3-1 victory over Manchester City in Norway on matchday seven with a 2-1 win at Atletico Madrid on Wednesday.

Last 16 opponents: Manchester City or Sporting CP

Monaco vs Paris Saint-Germain

An all-French affair here, as 2004 losing finalists AS Monaco take on reigning Ligue 1 and Champions League winners Paris Saint-Germain.

The two clubs have squared off once already this season, with Monaco triumphing 1-0 on home soil in November, so we could be in for a competitive couple of contests next month.

Last 16 opponents: FC Barcelona or Chelsea

Qarabag vs Newcastle United

A first-ever meeting between the two sides, but Newcastle United should have too much for their Azerbaijani opponents, who were battered 6-0 at Liverpool on Wednesday.

Last 16 opponents: Chelsea or FC Barcelona

Football Odds

Galatasaray vs Juventus

This could be one of the closest ties, with Galatasaray sure to pack a punch in Istanbul, where they went unbeaten in the league phase, winning three and drawing one of their four games at Rams Park.

Juventus only lost one away match, though, and are currently fifth in Serie A.

Last 16 opponents: Liverpool or Tottenham Hotspur

Club Brugge vs Atletico Madrid

Atletico Madrid were in with a chance of taking a top-eight spot when they took the lead against Bodo/Glimt on Wednesday, but they ended up losing 2-1 at home and had to settle for a play-off place.

Club Brugge clinched their spot with an impressive 3-0 victory over Olympique Marseille, but while they held FC Barcelona to a 3-3 draw in Belgium earlier in the campaign, a 4-0 defeat at Bayern Munich and a 3-0 home reverse to Arsenal suggests their Spanish opponents shouldn't be too disappointed by how the draw unfolded in Nyon.

Last 16 opponents: Tottenham Hotspur or Liverpool

Borussia Dortmund vs Atalanta

Borussia Dortmund (17th) and Atalanta (15th) were separated by just a couple of points in the league phase, so hopes are high that we will witness an even two-legged tie next month.

Last 16 opponents: Arsenal or Bayern Munich

Olympiakos vs Bayer Leverkusen

The margin was even slimmer between Olympiakos (18th) and Bayer Leverkusen (16th), with the latter ending up just a single point ahead.

Leverkusen will be expected to progress to the last 16, but don't write off the Greek giants and the raucous atmosphere created by their supporters in Piraeus.

Last 16 opponents: Bayern Munich or Arsenal

Arsenal @ 7/2

The Gunners have never won the Champions League, but having topped the league phase table, the Premier League leaders are rightly favourites to go all the way this season, particularly given their favourable last-16 opponents.

Last 16 opponents: Borussia Dortmund/Atalanta/Olympiakos/Bayer Leverkusen

Bayern Munich @ 4/1

Bayern have impressed hugely this season, and like Arsenal, their league-phase exploits have earned them more-than-beatable opponents in the knockout phase.

Last 16 opponents: Borussia Dortmund/Atalanta/Olympiakos/Bayer Leverkusen

Manchester City @ 7/1

Three historic European clubs, or Bodo/Glimt, who beat them in Norway earlier this month, await Man City in the last 16.

Given their poor performances in 2025/26, it's hard to make a case for their price being any shorter.

Last 16 opponents: Benfica/Real Madrid/Bodo-Glimt/Inter Milan

FC Barcelona @ 7/1

After suffering a surprise semi-final defeat to Inter Milan last season, Barcelona will be desperate to reach this year's final, but it's likely that PSG or Newcastle await them in the last 16, so it won't be easy for Hansi Flick's side.

Last 16 opponents: Monaco/Paris Saint-Germain/Qarabag/Newcastle United

Paris Saint-Germain @ 15/2

The reigning champions have it all to do as they must first face a side, Monaco, who have already beaten them in Ligue 1 this season, before taking on either Barcelona or their Fifa Club World Cup conquerors, Chelsea, in the last 16.

Last 16 opponents: FC Barcelona/Chelsea

Real Madrid @ 10/1

The only side in the top eight to have their odds shortened/lengthened, Real Madrid have gone out from 8/1 pre-draw to 10/1 after being paired with Benfica.

That's little surprise, considering the other team they could have faced was Champions League minnows Bodo/Glimt.

Alvaro Arbeloa will have to get his affairs in order to exact Real Madrid's revenge on Mourinho, who will be desperate to get another one over his former club.

Last 16 opponents: Sporting CP/Manchester City

Liverpool @ 10/1

Liverpool will be favourites regardless of who they face in the last 16, but after a turbulent Premier League campaign, they're not amongst the most-fancied sides to go all the way in Europe.

Last 16 opponents: Galatasaray/Juventus/Club Brugge/Atletico Madrid

Chelsea @ 16/1

PSG in the last 16 wouldn't be ideal, but the Blues did beat Les Parisiens 3-0 in the Club World Cup final last summer, while they will also take confidence from a 2-2 draw at Newcastle United in December, when they came from two goals down to take a point on Tyneside.

Last 16 opponents: Monaco/Paris Saint-Germain/Qarabag/Newcastle United

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