Clubs who will contest the group stages will take home a minimum of €8.6 million irrespective of results.
Ronaldo was struggling with a knee injury at the end of last season and strained his hamstring last month.
Gareth Bale believes he can succeed where Ryan Giggs, Mark Hughes and Ian Rush have failed.
Javier Hernandez will provide backup for Real Madrid's first-choice striker Karim Benzema.
He passed a medical in Munich, with Bayern saying terms had also been agreed with the player.
The Portuguese forward was presented with the award in Monte Carlo by UEFA President Michel Platini.