The revamped Champions League format has wasted little time in delivering box-office drama. Just three weeks after their astonishing league phase meeting, Benfica and Real Madrid will meet again in the newly introduced play-off round, with a place in the last 16 on the line.

Their previous encounter was one of the most talked-about games of the entire league phase. In a moment that felt more like football folklore than reality, goalkeeper Anatoliy Trubin scored in the 98th minute to seal a chaotic 4-2 victory for Benfica, sparking wild scenes and underlining how unforgiving the new format can be for even Europe’s most decorated clubs.

Now, with margins even tighter and knockout football officially beginning, both sides return knowing there is no safety net. For Real Madrid, finishing outside the top eight has already been a shock. For Benfica, the opportunity to eliminate the Spanish giants over two legs is a chance to make a serious statement on the continental stage.

Newcastle handed Qarabag test with glamour tie looming

For Newcastle United, the play-offs offer both opportunity and danger. Eddie Howe’s side finished 12th in the league phase, enough to secure a seeded position in the draw but not enough to avoid the extra hurdle of a two-legged tie.

They will face Qarabag, the Azerbaijan champions who finished 22nd after a mixed league phase campaign. Qarabag won three matches, drew one and lost four, scraping into the play-offs but showing flashes of resilience along the way.

On paper, it is a tie Newcastle will expect to win. Qarabag were thrashed 6-0 by Liverpool at Anfield in their final league phase outing and have never beaten a Premier League side in nine previous attempts. Their best result against English opposition came in November, when they earned a 2-2 draw against Chelsea, a result that hinted at their ability to frustrate higher-ranked opponents.

The prize for progressing is significant. The winners of Newcastle v Qarabag will face either Chelsea or Barcelona in the last 16, turning this play-off into a crucial fork in the road for Howe’s European ambitions.

PSG derby adds extra spice to the play-offs

The draw has also thrown up an all-French clash that guarantees one major name will fall before the last 16. Defending champions Paris St-Germain, who finished 11th in the league phase, will face Ligue 1 rivals Monaco.

For PSG, the need to navigate the play-offs at all will feel like an inconvenience after lifting the trophy last season. For Monaco, it is an opportunity to disrupt domestic hierarchy on the European stage. Familiarity often breeds unpredictability in continental competition, and this tie has the feel of one that could swing on fine margins.

Elsewhere, the play-off schedule is packed with intrigue, including Borussia Dortmund against Atalanta and Galatasaray taking on Juventus.

Full Champions League play-offs draw

Bodo/Glimt v Inter Milan

Benfica v Real Madrid

Monaco v Paris St-Germain

Qarabag v Newcastle

Galatasaray v Juventus

Club Brugge v Atletico Madrid

Borussia Dortmund v Atalanta

Olympiacos v Bayer Leverkusen

English dominance underlined by automatic qualification

While several European heavyweights must fight for survival, English clubs have once again underlined their growing dominance. Arsenal, Chelsea, Liverpool, Manchester City and Tottenham Hotspur all finished in the top eight of the league phase and qualified automatically for the last 16.

That collective success means Newcastle are the only Premier League side required to negotiate the play-offs, and it reinforces the sense that England’s top clubs are adapting quickest to the demands of the new format.

The contrast with Spain and France is striking. Both Real Madrid and PSG find themselves outside the automatic qualification places, highlighting how unforgiving the expanded league phase has been.

What comes after the play-offs

Once the eight play-off winners are confirmed, the competition moves into familiar knockout territory. The last 16 will see those teams face the eight automatic qualifiers, with seeding determined by final league phase position.

From this point onward, every tie apart from the final is contested over two legs. Crucially, teams that finished in the top eight of the league phase will be seeded and rewarded with the advantage of playing the second leg at home in the last 16.

This season also introduces a further twist. League phase positions will influence seeding in the quarter-finals and semi-finals as well. Teams finishing first to fourth are seeded for the quarter-finals, while the top two earn seeding for the semi-finals, again gaining the benefit of a home second leg.

If a seeded team is knocked out, the side that eliminates them inherits that seeding position, adding another strategic layer to the knockout rounds.

Key dates and the road to Budapest

The play-offs will be contested over two weeks, with first legs on 17-18 February and second legs a week later.

The knockout schedule then unfolds as follows:

Last 16: 10-11 and 17-18 March

Quarter-finals: 7-8 and 14-15 April

Semi-finals: 28-29 April and 5-6 May

Final: 30 May

The final will be staged at the Puskas Arena in Budapest, Hungary, bringing the curtain down on the first season of the expanded Champions League format.

For now, though, attention turns to February and a set of play-offs that promise tension, jeopardy and, if the league phase is any guide, moments that will be talked about for years to come.