T.C.'s Adjusted Best Soccer Clubs

For what it's worth here's FIFA's list of the top clubs of the 20th Century:

Pos.    Club    Country    %
1    Real Madrid     Spain    42.35 %
2    Manchester United     England    9.69 %
3    Bayern Munich     Germany    8.18%
4    Barcelona     Spain    5.61%
5    Santos     Brazil    5.10 %
5    Ajax     Netherlands    5.10 %
7    Juventus     Italy    2.55 %
8    Peñarol     Uruguay    2.04 %
9    River Plate     Argentina    1.53 %
9    Flamengo     Brazil    1.53 %
9    Milan     Italy    1.53 %
12    Liverpool     England    1.02 %
12    Botafogo     Brazil    1.02 %
12    Benfica     Portugal    1.02 %
12    Independiente     Argentina    1.02 %
12    Sport Club Corinthians Paulista     Brazil    1.02 %
12    Boca Juniors     Argentina    1.02 %
12    Internazionale     Italy    1.02 %
12    Arsenal     England    1.02 %
Other        6.63

Now here's mine for just the European clubs:

1) Real Madrid
2) AC Milan (I mean really, 9th? They only have the most trophies in the world. 1.55% is an insult)
3) Bayern Munich (tight race with Barcelona but they do have 5 CL's)
4) Barcelona (if someone argues they belong second I won't think they're crazy)
5) Ajax (also in a tight race this time with Juventus)
6) Juventus (have had actual period of global dominance. If they had done a tad better in CL I'd have them up in top 3)
7) Liverpool (have had more success than Man Utd)
8) Manchester United (no way are the 2nd best club in Europe in the 20th century)
9) Internazionale Milano (same number of CL's titles and one more appearance in finals than Man U)
10) Benfica

I don't consider Arsenal a top side in the 20th century.  I'd put FC Porto and perhaps even Anderlecht over them. Arsenal is roughly on par with Fiorentina, Roma, Parma, Athletico Madrid, Valencia, Borrusia Dortmund - that group.

As for the South American clubs not sure why Santos towers over all others - other than having won the most titles in Brazil. And even then, it hasn't necessarily been in dominating fashion. Penarol, Independiente, Boca Juniors all have had far more success in terms of trophies and titles. Botafogo is especially perplexing given its modest amount of succes. How it ranks above Boca is beyond me to comprehend and only points to FIFA's weird way of compiling things.

My list is more reflective of how things went down.