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How they got here: Won Group G; beat AC Milan 4-2 on aggregate
Why this is too high: Barcelona are clearly beatable. They lost at Celtic in the group stage, at Milan in the first leg of the Round of 16 and twice more to Real Madrid recently (in the league and Spanish Copa del Rey).
Why this is just right: On their night, Barcelona are just as clearly capable of beating any team in Europe, including Real, Bayern or any other Champions League team. Lionel Messi remains the best player in the world and of his generation.
Also, as B/R's Xoel Cardenas points out, the Champions League is Barcelona's main concern now, having all but sewn up the league title and lost in the Copa del Rey. Key players can actually be rested in the league ahead of Champions League matches.
Perhaps most importantly, Barcelona seem to have a Plan B now. Unlike last season's aggregate loss to Chelsea in the semifinals, the Round of 16 tie with Milan ended in Barcelona adapting to a defensive opponent's tactics—and beating them.
After Milan stifled Messi in the first leg, Barca deployed David Villa as a central forward to take some of the heat off. It worked brilliantly, but was it really a Plan B or more like a return to the original Plan A before Villa's long-term injury absence?
Either way, manager Tito Vilanova is returning to the touchline soon (via Marca). He was obviously missed, both tactically and as a man-manager.
Forecast: With the tactics right and every player performing at his best, Barca will be nearly impossible to beat.