Everyone thinks they know the story of European football. You’ve got the big money, the superstars, and that iconic anthem that makes grown men misty-eyed. But looking back at the last 10 years of Champions League winners, it’s not just a list of the richest clubs buying trophies.
It’s actually been a bit of a chaotic mess.
We’ve seen a "three-peat" that shouldn’t have been possible, a global pandemic that turned the tournament into a frantic sprint in Lisbon, and finally, in 2025, the shattering of a long-standing "curse" for a certain club in Paris. If you think the outcome is always predictable, you haven't been paying attention.
The Real Madrid Monopoly and the 2024 Farewell
Let’s be honest: Real Madrid has basically treated this trophy like a permanent piece of living room furniture. Since 2014, they have dominated the landscape in a way that feels almost illegal.
The era of the "three-peat" (2016, 2017, and 2018) under Zinedine Zidane defies every law of modern sports parity. In 2016, they edged out Atletico Madrid on penalties. In 2017, they absolutely dismantled Juventus 4-1. By 2018, Gareth Bale was hitting overhead kicks against Liverpool that felt like something out of a video game.
Most people thought that was the peak. Then 2022 happened.
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Real Madrid spent that entire knockout stage 5 minutes away from being knocked out. They looked dead against PSG, dead against Chelsea, and definitely dead against Manchester City. Yet, somehow, Karim Benzema and Thibaut Courtois dragged them to the final to beat Liverpool 1-0. It was pure "Voodoo" football.
Fast forward to 2024, and they did it again. Facing a gritty Borussia Dortmund side at Wembley, Madrid did what they always do: soaked up pressure, looked slightly bored for sixty minutes, and then clinical strikes from Dani Carvajal and Vinícius Júnior sealed a 2-0 win. That was their 15th title.
Basically, never bet against the white shirts.
The English Resurgence: Chelsea, Liverpool, and City
For a while there, it felt like the Premier League was all hype and no hardware. That changed.
- 2019: The Year of the Comeback. Liverpool’s 2-0 win over Tottenham in Madrid wasn't actually a great game of football. It was a nervy, hot, and slightly dull final decided by an early Mo Salah penalty and a late Divock Origi strike. But the story was the semi-final. Overturning a 3-0 deficit against Messi’s Barcelona? That’s why Liverpool fans still talk about 2019 like a religious event.
- 2021: Tuchel’s Masterclass. Chelsea were the massive underdogs against Pep Guardiola’s Manchester City. But Thomas Tuchel turned the Blues into a defensive brick wall. Kai Havertz rounded Ederson in Porto, and City just couldn't find a way through. It was a tactical strangling.
- 2023: The Treble. Manchester City finally climbed the mountain. It wasn't the free-flowing 5-0 win people expected; it was a tight, 1-0 grind against Inter Milan in Istanbul. Rodri’s goal and a few miraculous saves from Ederson (one from Romelu Lukaku that still haunts Inter fans) gave City the trophy they’d spent billions trying to find.
The 2020 Pandemic Sprint and the 2025 Surprise
We have to talk about 2020. The world stopped, but the Champions League moved to Lisbon for a "Final Eight" tournament. No fans. Just echoes and intensity. Bayern Munich didn't just win; they steamrolled everyone. They beat Barcelona 8-2 (yes, eight) and eventually topped PSG 1-0 in the final. Kingsley Coman, a former PSG youth player, scored the winner. Brutal irony.
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And then we have the most recent history.
In 2025, the narrative finally shifted for Paris Saint-Germain. After a decade of spectacular collapses and "bottling" it in the knockout rounds, Luis Enrique found the formula. They didn't just win; they dominated Inter Milan 5-0 in the final held in Munich. It felt like a fever dream for PSG supporters who had watched their team fail with Messi, Neymar, and Mbappe, only to finally win it with a more balanced, hardworking squad.
The Full List of Winners (2015-2025)
- 2015: Barcelona (The MSN era at its peak)
- 2016: Real Madrid (The start of the dynasty)
- 2017: Real Madrid (First team to retain the title in the CL era)
- 2018: Real Madrid (The three-peat)
- 2019: Liverpool (Klopp’s first big trophy)
- 2020: Bayern Munich (The perfect season—won every single game)
- 2021: Chelsea (Tuchel’s mid-season miracle)
- 2022: Real Madrid (The "How did they do that?" run)
- 2023: Manchester City (The treble-winning machine)
- 2024: Real Madrid (Wembley triumph)
- 2025: Paris Saint-Germain (The breakthrough)
Why the "Underdog" is a Myth
If you look at this list, you'll notice something kinda depressing for the smaller clubs. The last "true" underdog to win was probably Porto in 2004. In the last decade, every single winner has been a member of the "European Elite."
Even when a team like Ajax (2019) or Villarreal (2022) makes a deep run, the sheer depth and financial muscle of the big clubs eventually wins out. The Champions League is a tournament of moments, sure, but it's increasingly a tournament of resources.
What to Watch for in 2026 and Beyond
The format has changed. The "Swiss Model" means more games and potentially more fatigue.
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If you're looking to understand where the next winners are coming from, watch the wage bills. But also watch the tactical shifts. We’re moving away from the era of "individual superstars" like the Ronaldo/Messi rivalry and back toward highly disciplined, high-pressing systems.
Next Steps for Fans:
- Check the 2025/26 League Phase Table: The new format is confusing, so keep an eye on how the top 8 positions are shaking out to avoid the extra playoff round.
- Watch the Injury Reports: With more games than ever, squad depth is now more important than having one world-class striker.
- Look at the "Tactical Underdogs": Teams like Bayer Leverkusen under Xabi Alonso or the revamped Arsenal are the ones most likely to break the Real Madrid/Man City duopoly in the coming seasons.
The last 10 years of Champions League winners show us that while money buys you a seat at the table, you still need a bit of "voodoo" and a world-class goalkeeper to actually lift the trophy.
Actionable Insight: If you're betting or predicting future winners, prioritize teams with a history of defensive resilience in the knockout stages over teams that simply score the most goals in the group stages. Experience in "suffering" is the common thread among almost every winner on this list.