The Champions League round of 16 draw was announced on Monday morning, with a tantalizing matchup between Liverpool and Bayern Munich highlighting the first round of knockout matches in the competition.

Champions League knockout draw
Liverpool drew a difficult matchup in the Champions League round of 16, where the current EPL leader will take on Bayern Munich. (Image: Getty)

The draw was set up to pit group runners-up against group winners, with the second place finishers hosting the first match in the two-leg series, but the matchups were otherwise randomly selected.

Favorites Begin to Clash in Round of 16

With only 16 of the best clubs in Europe remaining in the Champions League, there aren’t many easy victories left in the field, and it is inevitable that elite teams will begin colliding at this stage. And while the fact that group winners won’t meet in this round prevented too many clashes between tournament favorites just yet, the draw still produced plenty of drama.

The biggest treat for neutral fans might be the matchup between Liverpool and Bayern Munich, as both teams came into the final 16 among the favorites to win the Champions League. According to William Hill, Liverpool (9/1) and Bayern (10/1) are both among the top six choices to win the entire competition, despite the fact that one of them now won’t be able to make it to the quarterfinals.

“Liverpool are the hottest team right now and top of the Premier League table,” Bayern sporting director Hasan Salihamidzic told reporters after the draw concluded. “They play good football, very physical and with a high tempo. We’re looking forward to playing there.”

Liverpool will host the first leg of the tie at Anfield on Feb. 19.

PSG Not Taking Manchester United Lightly

Another potential classic sees Atletico Madrid (20/1) take on Juventus (6/1) in a battle between two clubs who have made plenty of deep runs in the Champions League in recent years, but have come up just short over the past decade. Atletico has added motivation as its own stadium will host the final, but its outstanding defense will have a challenge dealing with a Juventus squad that has added Cristiano Ronaldo this season.

Following a 3-1 loss to Liverpool on Sunday, Manchester United appears to be far out of the title picture in the English Premier League, meaning the Champions League might be their best remaining chance for glory this season. But United (40/1) have been given a particularly tough draw in the round of 16, having to take on French champions Paris Saint-Germain (7/1).

But while the French side will be a big favorite over the struggling Red Devils, PSG manager Thomas Tuchel isn’t taking anything for granted.

“The favorite PSG? No, I do not think so,” Tuchel told reporters. “At PSG, we lack experience in the quarter, half and final. Manchester United has a lot of experience. We are able to win, but it is a big challenge.”

Tournament favorite Manchester City (11/4) begins the knockout rounds with what appears to be a relatively safe matchup against Schalke 04 (250/1), While Barcelona (4/1) will begin by facing off against Lyon (100/1). Other pairings include Tottenham Hotspur vs. Borussia Dortmund, Roma vs. Porto, and Ajax vs. Real Madrid.

The first leg of each matchup will take place in February, with the return matches being held in early March.