1- Real Madrid
2- Barcelona
3 & 4 Man. United and Liverpool
5- Bayern
6 & 7 Juve and Milan
8 & 9 Inter and Ajax
Close to what I would go with as well. The selection for the Top 5 seems about fair at first glance. Probably Manchester United just a bit ahead of Liverpool from an overall standpoint, still. Maybe Chelsea at the edge of the Top 10.
There used to be a time, in the 2000s, where AC Milan and Manchester United were the closest competitors to Real Madrid. Followed by Liverpool, Juventus, Internazionale, Barcelona and Bayern Munich — in that exact order.
Both of those clubs had far-reaching appeal with iconic players (at the time with the likes of Beckham, Maldini, Kaká, Cristiano, Rooney, Shevchenko and historically with Best, Baresi, Charlton, Rivera, Cantona, Gullit, Law, Van Basten), were regularly among the Top 3-4 revenue generators in club football as a whole, considered serial winners due to Ferguson and Berlusconi's influence for more than a decade (which shaped how they were perceived), and the former in particular looked set to overtake Real Madrid for European Cups (the difference was narrowed down to just 2 following their win in Athens).
Barcelona disrupted that balance with the popularity of Ronaldinho and then Messi (with an increasingly globalized audience being drawn to their spectacular presence and consequently the club), revenues skyrocketing from the early 2000s to the mid 2000s (from the edge of the Top 10 to the Top 3 on a near-permanent basis), the consistency of the club's success, the awe-inspiring and transformative nature of Guardiola's teams (arguably the single greatest reference point for modern football), the romantic appeal of Cruyff and La Masia (which received a significant boost in the public consciousness due to Xavi, Iniesta, Puyol, Piqué, Busquets) and so forth. For a period time of time, the club seemed nigh unstoppable and it felt like they were going to join Real Madrid atop the pyramid.
But Real Madrid kept pulling away to consolidate themselves as
the hagemon, while both AC Milan (compounded by the weakened stature of Serie A football) and Manchester United (thanks to the Glazers, all things considered) fell to the wayside. 15 European Cups as of this writing; absolute daylight between them and the chasing pack (now led by Barcelona, instead of AC Milan or Manchester United). Unarguably the biggest club in world football — success (contemporary and historical), glitz and glamor, the appeal of their hugely accomplished and storied icons, worldwide following, the Santiago Bernabéu (which stands proud, at a time when Old Trafford and San Siro look worse for wear).
Bayern Munich have also done very well for themselves. 17 Bundesliga titles and 3 European Cups in this century, consistently in the latter portions of the Champions League since Van Gaal and Heynckes' days (close to 2 decades now), much more popular than they were in the past (in no small part due to the presence of Kahn, Ballack, Lahm, Lewandowski, Schweinsteiger, Robben, Neuer), and arguably the biggest beneficiaries of the Italian Big 3's relative collapse.