The United States women's national team disappointed at the 2023 World Cup after winning bronze at the 2020 Olympics, but this young and hungry team under new boss Emma Hayes is reminding fans of more golden days.

But does that mean we should be making them the favorites over the reigning World Cup champions and the defiant nation that won the last Olympic gold?

Maybe.

NBCOlympics.com's Nick Mendola and Leo Santos have been watching every minute of the men's and women's soccer in France, and are here to analyze results, performances, vibes and now the knockout round bracket to give a forecast of who has the best chance to win gold, silver and bronze in Paris.

The dark horses

8. Brazil

Nick's ranking: 8 — No Marta for the quarterfinal against the hosts, and Brazil hasn't exactly been playing well against top sides even when the GOAT is in the game.
Leo's ranking: 8 — Marta was the only bright spot for Brazil, and if you’re a side at the Olympics — with all due respect — relying on a 38-year-old player to create a moment of magic shows that there are many problems within the team. Brazil has a fighter’s chance against an underwhelming France team, but it may not have enough firepower to pull an upset. 

Jhennifer celebrates Brazil's goal against Japan at the 2024 Paris Olympics
Brazil's forward #11 Jheniffer celebrates with Brazil's midfielder #20 Angelina and Brazil's defender #02 Antonia after scoring her team's first goal in the women's group C football match between Brazil and Japan during the Paris 2024 Olympic Games at the Parc des Princes in Paris on July 28, 2024.
(Photo by BEN STANSALL/AFP via Getty Images)

7. Colombia

Nick's ranking: 7 — They get Mayra Ramirez back, which is nice, but Spain in the quarters is a huge ask for a program. Haven't beaten a top-10 team in eight tries since upsetting Germany in the World Cup group stage. To do it thrice in two weeks would be wild.
Leo's ranking: 7 — Colombia hasn’t shown it has that killer instinct or the ability to create a moment out of nothing to prove it can beat good teams. But with Ramirez coming back from suspension, it’s possible Colombia can click just at the right time, especially with Real Madrid’s Linda Caicedo on the team as well.

6. France

Nick's ranking: 5 — How did they sink so low on our rankings with home soil on their side? It's mostly about the quality of the teams above them. Five-goal Marie-Antoinette Katoto, however, is enough to give them a shot in every single game.
Leo's ranking: 6 — The No. 2 ranked team in the world has not played like the No. 2 ranked team in the world. Don’t get me wrong, this team is lethal in the attack, but France just seems to be struggling closing out games. Teams simply cannot allow opponents to find a way back into a game at the Olympics, and unfortunately, that might be the Achilles heel for this French team.

Marie-Antoinette Katoto (12) and Maelle Lakrar celebrate France goal vs Colombia
Marie-Antoinette Katoto #12 of Team France celebrates scoring her team's first goal during the Women's group A match between France and Colombia during the Olympic Games Paris 2024 at Stade de Lyon on July 25, 2024 in Lyon, France.
(Photo by Claudio Villa/Getty Images)

5. Canada

Nick's ranking: 6 — I love Canada as a nation and admire what they've been able to do with their coach sent home in their first tournament without their living legend of a goal scorer (Christine Sinclair). This low spot is more to the bracket, as I cannot imagine them beating Germany and then the United States.
Leo's ranking: 4 — Canada is winning games by either squeezing out a result or being composed throughout a match. And we all know that when it comes to international knockout soccer, it’s not about how you play, but moreso how you win. This team is a good collective unit, and with the “us against the world” mentality, I won't be surprised if Canada provides one or two more surprising results in the knockout rounds. 

Canada players stand before a match
The Canada women's soccer team lines up before the start of a group stage match against New Zealand at the 2024 Paris Olympics.
Getty Images

The favorites

4. Germany

Nick's ranking: 3 — The 4-1 loss to the USWNT wasn't inspiring, but Germany smacked Australia and Zambia and can't be faulted too much for an off-day against a U.S. team that right now looks like a wagon. Lea Schuller is on her game right now.
Leo's ranking: 5 — I know they are the No. 2 ranked team in the world, but a team with that stature has not lived up to the expectations. They eased past Australia and Zambia, but the U.S. did that too. And when it was time for Germany to prove it can muscle out other countries in the top five rankings, what did they do? Got thrashed by the USWNT.

3. Japan

Nick's ranking: 4 — It'd be nice if I could erase everything from the 13th minute versus Spain — when Japan took the lead — until the time they kicked off with Brazil because those 193 minutes felt like a team that should be judged as favorites.
Leo's ranking: 3 — There are not too many negatives for this Japanese team: It defends well and knows how to counterattack.  So far, Japan has proved it's deserving of an Olympic medal. They play entertaining soccer and have a faithful fanbase at the tournament. But Japan will not be the favorite against the USWNT in the quarterfinal.

Japan celebrates a goal and its favorite status at the 2024 Paris Olympics
Japan forward #11 Mina Tanaka (2ndR) celebrates with forward #09 Riko Ueki (back) and forward #17 Maika Hamano after scoring her team's second goal during the women's group C football match between Japan and Nigeria of the Paris 2024 Olympic Games at La Beaujoire Stadium in Nantes on July 31, 2024.
(Photo by ROMAIN PERROCHEAU/AFP via Getty Images)

2. USWNT

Nick's ranking: 2 — The Yanks look like the best team in the tournament, but I cannot put them above Spain just because the Spanish are the reigning World Cup champions and so many players on this American team would be playing a first final together if they were to meet Spain in Paris on Aug. 10. Naomi Girma has been impressive and you can tell the team's gusto emanates from Lindsey Horan.
Leo's ranking: 1 — It’s easy to live in the moment, but I really do believe the USWNT is back to its old self, and all the credit has to go to Emma Hayes. Add that to the attacking trio of Sophia Smith, Mallory Swanson and Trinity Rodman, this team is back to displaying full-throttle attacking and entertaining soccer.

USWNT celebrates after a goal at the 2024 Paris Olympics
USWNT celebrates after scoring a goal vs. Zambia in a group play match at the 2024 Paris Olympic Games.
(USA Today)

1. Spain

Nick's ranking: 1 — The World Cup champions just kinda did their thing in a difficult group, coming back to beat Japan before stifling Nigeria 1-0 and finding a way past 10-man Brazil.
Leo's ranking: 2 —  Spain has actually been great and continues to perform at an elite level. When you have players like reigning Ballon d’Or winner Aitana Bonmati and superstars Alexia Putellas and Jennifer Hermoso, this team can literally win anything. Spain loves having the ball, using pace on the wings to penetrate the box and creates chances for fun.