PSG looks like a legitimate title contender to me. I wouldn't favor them against Barca or Bayern but I think they could give them a run.
The big difference for them vis-a-vis recent years, IMO, might be Veratti. That pesky little fuck can really control a game in midfield and was huge tonight in terms of keeping their team flowing and moving down the field. Motta and Matuidi are hard working players with some good attributes, but they need somebody alongside them with quality and creativity.
They'll obviously miss Ibra if he's suspended for the next round but they should get Lucas Moura back to play on the wing and then can play Cavani up top flanked by Moura and Pastore/Lavezzi, which is still pretty good.