DEC 25 — Merry Christmas, everyone!

As the major European football leagues (the sane ones, at least) shut down for a mid-season break, we are left to reflect upon a campaign that has so far left us with more questions than answers.

There is one exception: Bayern Munich. The summer arrival of new coach Pep Guardiola has done nothing to slow down the German machine — if anything, the former Barcelona boss has made them even better.

In addition to winning — with a great degree of inevitability — the FIFA Club World Cup last weekend — Bayern have pretty much already got the Bundesliga sewn up.

That will allow them to focus their efforts upon their chief goal: retaining the Champions League crown they gained against countrymen Borussia Dortmund in last May’s final at Wembley, and in my mind, Bayern have to be regarded as major favourites to win back-to-back European titles.

Their squad depth is awesome, they are formidably organised and Guardiola has added a degree of tactical flexibility that wasn’t always evident in the past, with classy summer signings Mario Gotze and Thiago Alcantara providing a heavy dose of creative subtlety.

It would be a big surprise if they didn’t at least reach the Champions League final.

In Italy, Juventus have overcome a slow start to move into a dominant position in Serie A, and they look well placed to retain their title – but it will be fascinating to see whether Roma and Rafa Benitez’s Napoli will maintain their early-season promise.

The picture is far from clear in the continent’s two other major leagues.

In the English Premier League, where the action continues unabated throughout the festive season as the clear sense of allowing overburdened players to enjoy a much-needed rest is overwhelmed by commercial priorities, it’s the closest title race in years.

Liverpool are the surprise Christmas leaders and if the magical Luis Suarez can prolong his current form, anything is possible.

Arsenal appear to have hit a sticky patch, and Arsene Wenger must be concerned that his team produced superb football over a sustained period but still aren’t top.

Jose Mourinho has made Chelsea less interesting but it’s questionable whether he’s made them more effective, while the reverse is true of Manuel Pellegrini at Manchester City.

Roberto Martinez is inspiring Everton, Tottenham remain a mystery and Manchester United are struggling to even achieve a place in the top four in their first season without Sir Alex Ferguson.

None of the above-mentioned clubs look particularly ‘set’ for the season, though. The currently successful teams could still lose their way, while the relative under-achievers have plenty of time to gain the necessary consistency to win a title.

For what it’s worth, I believe City will banish their away day struggles and end up winning the title with a degree of comfort because they possess greater depth in the all-important attacking positions, which should allow them to find a way to win the close, nervy games as the climax of the season approaches.

Over in Spain, it’s a story of three teams with Barcelona and Atletico Madrid joint top of La Liga, five points clear of Real Madrid — and again, many questions remain unanswered.

Atletico have easily been the best team — in the true, collective sense of the word — in the country, and Diego Costa’s goalscoring feats have been remarkable. Whether either can be sustained remains to be seen, but at this stage it’s impossible to rule them out as genuine title contenders.

Under the new management of Tata Martino, Barca have looked unconvincing for much of the season, but they have still been able to pick up victory after victory, even though Lionel Messi has been very much in and out of the team.

With Messi back to full fitness in January — assuming his hamstring doesn’t break down again — Barca have to be regarded as title favourites, while Real Madrid remain something of an enigma under Carlo Ancelotti, who is only just developing his own style of play after arriving to replace Mourinho in the summer.

Player for player, I’d rate Real’s squad as the best in the Primera Division, but the whole has often equalled less than the sum of their parts (in stark contrast to neighbours Atletico) and their failure to sign a world-class striker in the summer could ultimately prove to be their undoing.

With more than four months of the season still remaining, however, anyone who would claim confident knowledge of how the top honours will be dished out is simply lying.

Too many variable factors can still unfold, and although money will inevitably end up exerting a strong influence, the refreshing examples of Atletico and Liverpool show that doesn’t always have to be the case.

This could yet prove to be the season of the underdog.

* This is the personal opinion of the columnist.