we can't be considered one of main CL contenders anymore
We will always be with Messi. We are in a considerably bad moment. Has to be said that we are really reliant on individual qualities.
Only positives I see going forward is that we hope for Arthur's return to really help stabilize our form and Dembele starts finding goals again. I'd also say our defense has improved and has been helping keep things draws/narrow wins instead of Ls. Without another goal threat outside of Messi though, we don't have a chance. So either Luis needs to pull his head out of his ass...again or the more likely, Dembele starts finding his goal touch again.
I think if we play at our best, we should at least get to the semis. And I don't think we'd get smashed, either. There isn't a clear dominant side this year, all of the big boys have their deficiencies, so its going to be about who is hot at the right time. The only teams who I think can match us 50/50 are either City or Liverpool so again, there isn't any reason why we shouldn't get to the semis with Madrid & Bayern being so average & PSG without Neymar. Juve have been fairly untested this season and will face their first real match against Atleti soon. So again, there isn't a clear favorite this year.
But we need a big performance and soon. We have to get out of this shitty spell we are in and the more this season materializes, the Siege of Madrid might be everything for us. If we produce strong performances against them in both matches, it could be the boost we need.