Champions League.

After the remarkable comeback against Paris Saint-Germain, Madrid was in a good mood. People at Real Madrid can change quickly, and Carlo Ancelotti knows this better than anyone else because he has worked there. But Ancelotti’s reputation is almost gone.

They had beaten one of Europe’s best teams, beaten an economic rival, stopped Lionel Messi, and, much thought, convinced Kylian Mbappe. They were about to win La Liga, but now they looked like they could win the Champions League.

Three weeks later, the lead in the league is still there, thanks to a rough but morale-boosting victory over Celta Vigo on Saturday.

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As of last week, Real Madrid was waiting until Tuesday to find out if their coach could travel with the team to the first leg of their Champions League quarter-final against Chelsea on Wednesday. He tested positive for Covid last week.

Because of the tie, he might not be the coach next season.

In the Clasico game, eight months of primarily good work can be almost completely wiped out by a single bad 90 minutes.

There has been a lot of criticism of Ancelotti, primarily because of Madrid’s dominance in La Liga. There was a lot of talk about Madrid’s counter-attacking style, the lack of rotation, and the passive first-leg defeat by PSG.

At the Santiago Bernabeu, Madrid lost 4-0 to Barcelona, even though they could have easily lost six or seven. This has raised doubts about the team because the result was a warning about what might happen next.

Elsewhere in Spain, Barcelona trails Real Madrid by 11 points in the table, but it’s Xavi Hernandez’s resurgent young team finishing the season as the best in the country.

It might not be enough for Ancelotti to win La Liga now that his team lost the Clasico, which means that. First, how they win the title, with eight games to go, and how they do against Chelsea will help shape the first year of Ancelotti’s second reign.

Florentino Perez, the president of Real Madrid, met with Ancelotti during the international break. Perez told Ancelotti that his job was safe, but there was still a need for talks.

A year after winning the Champions League, Ancelotti was fired by Real Madrid. When he told him to meet with Perez, he knew that his time as manager was ending.

Even Ancelotti and Perez were surprised when Ancelotti came to the club last summer.

During a joking conversation, they came up with the idea. Then, it quickly took shape and became a real thing. “It’s been a quick process,” Ancelotti said when he was unveiled.

That made it seem like this was a short-term job that could end without much fuss or money.

If there is a breakup during the summer, it isn’t likely to be bitter. Both sides would say it was a success with the league title won.

He was also hired because there were not many good coaches available last summer.

Barcelona tried to get rid of Ronald Koeman, but they kept the Dutchman when they couldn’t find anyone else who was good enough. Ole Gunnar Solskjaer was still in charge of Manchester United. When Juventus asked Max Allegri back, he said he was OK with it.

When PSG is expected to part ways with Mauricio Pochettino this summer, more exciting options could be. Absolute Madrid legend Raul Gonzalez, who played as a striker for the B team for three years, maybe ready to follow Zinedine Zidane’s lead. Erik Ten Hag may be ready to leave Ajax.

Thomas Tuchel might be interested in the job if Chelsea’s owners are willing to give him a chance.

Even if Chelsea’s future is settled and Tuchel is happy, his presence in this match makes Ancelotti uncomfortable. The German is the kind of younger, more progressive coach that Real Madrid has stayed away from but might need if they want to stay ahead of Barcelona’s Xavi.

When Mbappe is expected to join in the summer, it should be enough to convince Perez that Ancelotti is worth another season, even though Perez doesn’t like him.

Ancelotti has an excellent record of getting the best out of the best players, and he has done this for a long time. His work with Vinicius Junior, who currently plays in Mbappe’s place, has significantly changed.

But if Ancelotti lost, it would make him even more vulnerable. It would make the Clasico loss even worse when his critics are gathering ammunition. He will know that there is no way to make things up in the future.