Depends on whether we show up and play with some nous. I think we are now in the Top 10 club teams in the world, with a squad that may well be even better than that! What we don't have is the repeated successes that make others put them there.
When ranking teams, it seems that the CL is the be all and end all, even though many clubs have received their prior rankings due to the weakness of their domestic leagues and their dominant financial position in those countries. The new rankings, with actual Champions in Pot 1 will help make it all a tad more interesting.
All of that said, it is easy to look on paper and support what I have said, but the players have to do it on the field in the big games that matter. Unfortunately, for many of us, there have been so many false dawns we almost expect to fall at the first serious hurdle. One of these times, we HAVE TO beat one of the BIG teams in the CL Knockout Stages to get us to the next level. Once you get into the rarefied air, it comes down to who has it over two 90 minute games. English clubs, on the whole, fail to understand the needs presented by that format!