Bayern Munich enters the 2026-27 DFB-Pokal as defending champions and the clear market leader at 41.6% implied probability, driven by squad depth, attacking firepower, and consistent Bundesliga form that positions them favorably for a deep run. Borussia Dortmund follows at 17.1%, with RB Leipzig, Bayer Leverkusen, and VfB Stuttgart clustered behind, reflecting their recent top-table placements and historical cup pedigree. The knockout structure keeps probabilities bunched, as early rounds feature potential upsets against lower-league sides, while late-stage variables like injuries, fatigue, or draws can shift momentum among the elite. Trader consensus prices in Bayern’s historical dominance alongside realistic paths for challengers in a wide-open competition.