After Giovanni Trapattoni led Benfica to their first league title in 11 years, he resigned for personal reasons. To replace him, the club hired Ronald Koeman, who was assisted by Bruins Slot and Fernando Chalana. Benfica remained highly active in the transfer market, signing and releasing over twelve players. Noticeable additions were Anderson, Léo and Nélson to the back four; Karagounis and Miccoli to the offence. The departures included Miguel, the biggest loss.

Benfica started the domestic season by winning their fourth Supertaça Cândido de Oliveira, beating Vitória de Setúbal one-nil. In the Primeira Liga, Benfica struggled initially, making their worst entry ever. Results improved following a European win against Lille, with Benfica climbing several places and defeating Porto in the Clássico. In late October, the team experienced a drop in form, going a month without a win. In December, Benfica's results improved in December, qualifying for the knockout stages of the UEFA Champions League for the first time in eleven years and winning nearly ten matches in a row, allowing them to get within three points of the top of the league.

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