Let’s see, on paper, they have the so called best player in the world this year in Modric, best midfield combo in Modric+Kroos+Casmiero,
in defense they have top 3 Ballon D’or contender in Varane,
best defender/leader last season in Ramos, best full back in Marcelo and Carvajal
Best GK option in Navas and Courtois
In attack they still have Bale and Benzma, who are supposed to shine this season without having play 2nd fiddle to Ronaldo, and also Isco and Ascensio, some of the best young talents around.
Basically they are generally rated as easily the best squad in the world, minus Ronaldo plus Courtois.
They are either great squad in some unexplainable bad form, or just massively overrated on paper. Either way it getting just like us during Moyes/LVG/Mourinho era.
(Best squad in Premierleague but finished 7th during Moyes era, most expensive squad in world but currently struggle to stay top 6 in league)