I think Real has a long way to go in terms of peaking. Barcelona and Bayern need some work too, but I can easily see them in the final. A dark horse would be Manchester City. If circumstances favor them, I can also see Pep taking them to the final. Remember that they reached the semi-finals last season and only lost because Pellegrini didn't know how to tactically take down Zidane. That City squad was, and still is, one of the very best in the world.
To be honest, I can't see it being any teams apart from the 2 Madrid teams. Let's see your opinions.