is not doing well because the two teams with comparable personnel expenses to Bayern, Barcelona and Real Madrid are underperforming.
The two Manchester teams are in stages of transition. City's team is ageing. United hasn't yet got over Ferguson's retirement.
Chelsea and Arsenal are not at quite the same level of P&L and both were the equal of their recent opponents, scorewise. One bit of luck either way and the EPL would have had two teams in the quarters.