How Does the UEFA Coefficient Actually Work?

The UEFA Coefficient explained. How can a country like Scotland climb the rankings and get more Champions League group stage slots? Will Portugal overtake France? Could England ever drop out of the top 4 and lose a Champions League or Europa League spot?

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Automatically qualifying for the 2023/24 UCL Group Stage are:
England - Man City, Arsenal, Newcastle, Man United
Spain - Barcelona, Real Madrid, Real Sociedad, Atlético Madrid, Sevilla
Italy - Napoli, Lazio, Inter Milan, AC Milan
Germany - Bayern Munich, Borussia Dortmund, RB Leipzig, Union Berlin
France - PSG, Lens
Portugal - Benfica, Porto
Netherlands - Feyenoord
Austria - RB Salzburg
Scotland - Celtic
Serbia - Red Star Belgrade
Ukraine - Shakhtar Donetsk

The other teams who have come through 23/24 Champions League qualification are:
Switzerland: BSC Young Boys
Belgium: Antwerp
Denmark: Copenhagen
Turkey: Galatasaray
Netherlands: PSV Eindhoven
Portugal: Brage