Things are heating up in the UEFA Women's Champions League.

Two matchweeks out of six in the “Swiss” league phase have been completed, and five teams still have a perfect record: Barcelona, Real Madrid, Wolfsburg, OL Lyonnes and Manchester United. There haven't been any great upsets yet, but UWCL debutants from Belgium, OH Lueven, being undefeated with a win and a tie, is certainly something few may have predicted.

Seven of the 18 teams are yet to get their first win, and it is perhaps too early to have a clear vision of the 12 teams that will be advancing to the next round. Something to keep in mind is that the top four finishers in the league phase will get a bye into the quarterfinals. So there is an incentive for teams to keep their foot on the accelerator over the next four matchdays.

Here are Sports Illustrated's UWCL Power Rankings after Matchday 2.

UEFA Women’s Champions League Power Rankings

18. St. Pölten
17. Vålerenga
16. AS Roma
15. FC Twente
14. OH Leuven
13. Paris Saint-Germain
12. Paris FC
11. Benfica

10. Juventus

If it had not been for a disputed very late goal by Lea Schüller, Juventus might well have escaped Bavaria with a notable draw rather than a 2–1 defeat. "Watching the replays countless times, there's no way to know for sure whether that last ball went in or not. There's no guarantee," Juventus manager Massimiliano Canzi said on Tuesday night. At least a narrow 2–1 win over Benfica on Matchday 1 has the Old Lady off the mark and in the mix.

9. Wolfsburg

Two wins from two matches have Wolfsburg punching above their weight in the early standings, but is this just a result of an easy schedule? Wolfsburg smashed a rudderless Paris Saint-Germain 4–0 at home in the opener before winning 2–1 on the road to Vålerenga this week. Janina Minge scoring two penalty kicks so far is something that may also dry up further down the league phase.

8. Bayern Munich

After an utterly embarrassing 7–1 opening night defeat to Barcelona, Bayern Munich has cobbled together some belief and stability with a somewhat fortunate 2–1 win over Juventus. Bayern manager coach José Barcala opted to swap goalkeepers after Matchday 1, with Ena Mahmutovic being replaced by Maria Luisa Grohs. We'll be watching closely to see how Bayern develops.

7. Real Madrid

Despite coming into the 2025–26 UWCL without much fanfare, Real Madrid have been one of the more fun sides to watch so far. A raucous 6–2 win over Roma in their first game was followed up with another win, this time 2–1 away to PSG. Alba Redondo leads the UWCL for goals with three, while Linda Caicedo has been one of the most radiant playmakers and leads the competition for assists with three.

6. Atlético Madrid

There is hype surrounding Atlético Madrid after a good start to the Liga F season. A 6–0 away thrashing of St. Pölten showcased Brazilian double act Luany and Gio Garbelini to great effect. However, a 1–0 home defeat to Manchester United this week was evidence that breaking down better defensive sides could be tricky. Alexia Fernández Díaz will also now serve a suspension after seeing red against United.

5. Manchester United

The UWCL debutants have gotten off to an excellent start. Manchester United have two wins from two matches and have yet to concede a goal. Both 1–0 wins were earned with defensive organization across the backline and smart play from goalkeeper Phallon Tullis-Joyce. Fridolina Rolfö scored the magnificent winner in Madrid, which was her first for United. Nothing flashy yet but a sign this team should grind its way to the next round.

4. Arsenal

A clumsy 2–1 opening defeat at home to Lyonnes was put right by a 2–0 win on the road to Benfica in Lisbon. Arsenal manager Renée Slegers still looks unsure of how to make the most of her squad rotation in the UWCL this year. As holders of the trophy, there's also something to be said for the intensity of opposition when you are a known entity. While substitute Chloe Kelly's cheeky free-kick delivery and finish by Alessia Russo on Thursday will calm the concerns, injuries to Emily Fox and Steph Catley against Benfica are troubling.

3. Chelsea

Sky-high expectations have led to a feeling of disappointment around the Chelsea camp to start the new UWCL campaign. A 1–1 draw away to FC Twente was incredibly drab, but a 4–0 home win to Paris FC has reset the mood quite a bit. In particular, Alyssa Thompson notching her first goal and assist as a Chelsea player is a big shot in the arm for Sonia Bompastor, maximizing the talent at her disposal. Of course, the next match, away to St. Pölten, may not tell us too much just yet.

2. Barcelona

Well, well, well, any notion that Barcelona may be losing its edge in the UWCL has certainly been put to bed after a stunning opening two rounds of the league phase. A 7–1 win over Bayern Munich was followed by a 4–0 win over Roma. No team has scored more goals than the Catalans. Alexia Putellas has been arguably the best player in the competition, and scored her 27th UWCL goal on Wednesday, the most ever by a Spanish player and one goal ahead of fellow countrywomen Aitana Bonmatí and Jenni Hermoso.

1. OL Lyonnes

Michele Kang's substantial investment in the summer looks to be paying off. Lyonnes are perfect through two games, coming away from Arsenal with a 2–1 win and then defeating St. Pölten, 3–0, at home. While many may think Lyonnes should be scoring more against St. Pölten, manager Jonatan Giráldez opted to make 11 changes to his team and played an entirely different starting XI than the one that won at Arsenal. This is Lyonnes, Giráldez, and Kang flexing their muscles early on and demanding the rest of the field now just how deep their squad is. Teenage USWNT sensation Lily Yohannes also scored an early contender for goal of the year.

More Women’s Soccer on Sports Illustrated


This article was originally published on www.si.com as UWCL Power Rankings: Lyonnes Flex Squad Depth After Matchday 2.