Following their early Champions League exit, Barcelona will be gearing up for their first appearance in Europe's second tier club competition since 2004. Back then, the Catalonian giants reached the fourth round before being eliminated by Celtic.
Their return to the Europa League will be marked with a clash against Italian powerhouses, Napoli - a team they last faced, and beat, during the 2019/20 Champions League round-of-16 stage.
However, a lot has changed since then and both teams are on different trajectories. While the Italians are battling for a league title, Barcelona are still floundering outside of the top six in La Liga.
Before the draw, Xavi Hernandez and his men were priced as joint-favourites to win the Europa League at around the 6/1 mark. Now, those odds have drifted to around 8/1 as the Spaniards prepare for a huge test against Luciano Spalletti's side.
Borussia Dortmund are now the sole favourites to win their first European crown since 1997.
The German outfit will take on Rangers in the knockout stage - a side they've only beaten once in eight attempts.
The last meeting between the two clubs took place back in 1999 as Dortmund eliminated their Scottish opponents in the round-of-32 of the UEFA Cup.
Rangers aren't the same powerhouse they were in the 90s and their odds certainly reflect that. Following the draw, Dortmund's price of winning the tournament slightly moved from 6/1 to 7/1, while Rangers have significantly drifted from 66s to around 100/1.
Sevilla are another team to watch in the outright betting market. The Spaniards have a rich history in the competition having lifted this trophy a record six times.
Julen Lopetegui's men are currently available at 9/1 - similar odds to Barcelona but still behind favourites Borussia Dortmund. They will take on Dinamo Zagreb on their return to the Europa League.
Elsewhere, Atalanta are currently priced as the fourth-favourites at around the 9/1 mark. The Italians reached the Champions League knockout stage for three successive years before eventually seeing that run end this season.
England's lone survivors in the competition, West Ham United, finished top of their group and have already ensured their place in the last 16. The Irons will discover their opponents in late February but until then, the bookmakers have priced David Moyes' side at around 12/1 to go all the way.
Knockout round play-off draw
Sevilla vs Dinamo Zagreb
Atalanta vs Olympiacos
RB Leipzig vs Real Sociedad
Barcelona vs Napoli
Zenit St Petersburg vs Real Betis
Borussia Dortmund vs Rangers
Sheriff Tiraspol vs Braga
FC Porto vs Lazio
First legs will be played on February 17, while the second legs will be contested a week later on February 24.
The following clubs are group winners and will join the knockout stage in the next round: Lyon, Monaco, Spartak Moscow, Eintracht Frankfurt, Galatasaray, Red Star Belgrade, Bayer Leverkusen and West Ham.