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The 2024-25 Champions League Round of 16 bracket is officially set, headlined by the Madrid derby and Paris Saint-Germain facing Liverpool. Other exciting matchups include Benfica taking on Barcelona and Bayern Munich meeting Bayer Leverkusen. Round of 16 action begins March 4 with first legs in Birmingham, Madrid, Eindhoven and Dortmund.

Real Madrid, the reigning champions, are +380 favorites to repeat at DraftKings Sportsbook. They are followed by Barcelona (+450), Liverpool (+550), Arsenal (+550) and Bayern Munich (+700) round out the top five. However, there some teams further down the futures odds table which can be intriguing options for bettors looking at a potentially higher payout. Here's a look at some of the best UCL longshot title bets ahead of the Round of 16.

Borussia Dortmund (+5000 to win)

Dortmund continue to struggle in league play but have seemingly become juggernauts in Europe's top club competition. After a surprising defeat on Matchday 7 at the hands of Bologna, Dortmund took out Shakhtar Donetsk without much trouble on Matchday 8 before securing a massive 3-0 result on the road against Sporting CP in the first leg of the playoff. The German side was able to advance to the Round of 16 with a 0-0 draw in the second leg and appears to be picking up steam at the right time. The draw was also favorable for Dortmund, who avoid Real Madrid, Arsenal, Liverpool and PSG in a potential quarterfinal matchup. They could still meet Bayern Munich, but Dortmund snapped a 10-match winless streak in Der Klassiker against their rivals amidst last season's run to the Champions League final. The sides drew in their first Bundesliga meeting this season. There's a good path for last year's runners-up to get back to the final, especially if Dortmund's back line continues to dominate and key players come back from injuries.

Benfica (+8000 to win)

The Portuguese side has a tough Round of 16 matchup against Barcelona but like Dortmund, was fortunate to avoid some other heavyweights in a potential quarterfinal draw. Benfica and Barcelona played a wild 5-4 Champions League group stage match this season, with the La Liga titans three late goals to secure a win. Even though Barcelona ultimately took the points, Benfica should feel confident heading into the first leg at home, where they took out Barcelona 3-0 at home in Matchday 2 in the 2021-22 Champions League tournament. A lot has changed for both sides since then but Benfica's defense has familiarity with Barcelona's attack. Even though there's an intriguing league race with rivals Sporting CP, Benfica will be more focused on Champions League action. They won't be favored to advance from this tie, but this will be the best odds for Benfica in the futures market.

Atletico Madrid (+2000 to win)

The less famous Madrid club has been hard to figure out this season. Atletico Madrid's classic defensive tactics have put them in position to compete for a La Liga crown but they also scored 20 goals in their eight Champions League group stage matches. Antoine Griezmann continues to show why he has been considered one of the best forwards of his generation, while Julian Alvarez and Alexander Sorloth have been massive transfer successes. The obvious drawback for Atleti in futures odds is the potential path to the final. They first have to get past defending champions Real Madrid in a Round of 16 derby, though the sides did play to a 1-1 draw two weeks ago. From there, it'll likely be some combination of Liverpool, Arsenal and PSG in the quarterfinal and semifinal rounds. Atletico Madrid gets the benefit of playing the second leg of this Round of 16 tie at home, so they'll know exactly what they need to do to advance. There's some value in waiting on Atleti in the futures market but the number won't get much better than this for those who believe in the side.

Inter Milan (+1100 to win)

Yes, Inter Milan isn't necessarily a true longshot bet. The Italian side sits just outside the top five in the odds table but brings one of the best defenses in soccer to the Round of 16. Inter Milan allowed just one goal over its eight Champions League group stage games and has the best goal differential in Serie A. Marcus Thuram has emerged as one of the top scorers in Italy this season, while Lautaro Martinez can heat up at any moment. Similar to Borussia Dortmund and Benfica, Inter have a favorable path with the bracket. However, they have been more consistent at defending across all competitions. Most of this squad was in the Champions League final two years ago against Manchester City, so there's some knowledge about what it takes to advance in knockout rounds. Even though they have struggled lately with one win, one draw and two losses in their last four matches, Inter's pedigree and defensive form are worth backing in the futures market.