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The UEFA Champions League is back. The knockout stage kicked off last week in Europe's top club competition. PSG, Liverpool, Porto and Dortmund were all winners last week, and Chelsea and Bayern Munich joined them on Tuesday. The first legs in the round wrap up Wednesday with two matches: Atalanta vs. Real Madrid and Borussia Monchengladbach vs. Manchester City.

You can find the full Champions League knockout stage schedule here. And you can stream every Champions League match on CBS All Access. Sign up now and enjoy a free trial of CBS All Access ahead of the big matches. Every match will be available on demand shortly after the final whistle. 

Craving more coverage of the Champions League? The ¡Que Golazo! podcast has a full preview of Wednesday's action. Listen below:

So who's favored in each of the eight upcoming knockout stage first legs? And who has the best odds to lift the Champions League trophy in 2021? Below are the current odds from William Hill Sportsbook.

Round of 16 odds

(All matches listed are first legs)

Atalanta vs. Real Madrid, Feb. 24 (CBS All Access)
Atalanta +135; Draw +245; Real +200 

So who should you back in the UEFA Champions League match between Real Madrid and Atalanta? And where does all the betting value lie? Visit SportsLine now to see this week's best bets for the UEFA Champions League, all from the European soccer insider who's generated over $16,900 for $100 bettors since the 2017-18 season!

Borussia Monchengladbach vs. Manchester City, Feb. 24 (CBS All Access)
Gladbach +950; Draw +450; City -345

So who should you back in the UEFA Champions League match between Manchester City and Borussia Monchengladbach? And where does all the betting value lie? Visit SportsLine now to see this week's best bets for the UEFA Champions League, all from the European soccer insider who's generated over $16,900 for $100 bettors since the 2017-18 season!

Unsurprisingly, Manchester City and Bayern Munich are the heaviest favorites in their round of 16 first legs. They are also the biggest title favorites entering the knockout stage. Manchester City, currently on a terrific run of form, are the title favorites with the reigning  champs close behind.

Odds to win 2021 Champions League

(Odds as of Feb. 22)

  • Manchester City: +275
  • Bayern Munich: +333
  • PSG: +500
  • Liverpool: +600
  • Atletico Madrid: +1400
  • Real Madrid: +1600
  • Chelsea: +1800
  • Dortmund: +1800
  • Juventus: +1800
  • Atalanta: +4000
  • Porto: +8000
  • Barcelona: +10000
  • Sevilla: +10000
  • Gladbach: +12500
  • RB Leipzig: +15000
  • Lazio: +15000