Here is a list of managers who have won less than three European Cups:
Alex Ferguson, Jose Mourinho, Arsene Wenger, Pep Guardiola, Carlo Ancelotti. Marcelo Lippi, Giovanni Trappatoni, Jupp Heynckes, Guus Hiddink, Johan Cruyff, Louis Van Gaal, Ottmar Hitzfeld, Arrigo Saachi, Frank Rijkaard, Brian Clough, Colin Wanker, Bela Guttmann, Vicente Del Bosque, Rinus Michels, Ernst Happel, Helenio Herrera, Valery Lobonovsky, Fabio Capello and many many more.
Here is a list of managers who have won the European Cup three times:
Bob Paisley. Carlo Ancelotti
Updated.