The U.S. women's soccer team has won four golds at the Olympics since the sport's introduction in 1996, but they have not been on the top step of the podium in 12 years — with a record-extending fifth gold no longer a foregone conclusion.

Once the most dominant nation in women's soccer, reaching five consecutive Olympic finals, U.S. teams since have fallen behind as their European counterparts caught up with the famed American program and even surpassed it.

Germany won gold at the 2016 Games, while the U.S. also had to watch on as its neighbors Canada, who beat them in the semifinals at the last edition of the Olympics in Tokyo, went on to win gold. But the biggest reality check came at the Women's World Cup last year.

Having never finished outside the top three at the World Cup, a U.S. side that failed to impress was knocked out in the Round of 16 in 2023, marking the end of a glorious era, as the likes of Megan Rapinoe retired from international duty.

A young core was ready to take the torch from the older generation, but they needed the right coach to take them forward. U.S. Soccer wasted no time in hiring someone with a proven track record in Europe — Emma Hayes.

The English coach left Chelsea after making the London side the most dominant team in the Women's Super League, but she has her task cut out with the American team ahead of the 2024 Paris Olympics.

Hayes was a pundit for the last World Cup where she highlighted how the Americans are no longer the big guns in women's soccer, and after the 47-year-old took over in May, she said there was work to do to make the U.S. dream of gold again.

Alex Morgan — one of the last vestiges of the all-conquering U.S. team with 123 international goals — was left out of the Olympic squad, but eight players who won bronze at the Tokyo Olympics are included.

Among the clear favorites is Spain, who won the Women's World Cup last year with an enthralling style of play, as the nation makes its Olympic debut in Paris. Spain will be led by Ballon d'Or winner Aitana Bonmati pulling the strings in midfield.

Vastly experienced players such as twice Ballon d'Or winner Alexia Putellas, Jennifer Hermoso and captain Irene Paredes are also included in a formidable squad with a rich mixture of youth and experience.

Hosts France are no pushovers either with eight-time Champions League winner Wendie Renard putting on the captain's armband.

However, their form has fluctuated in the buildup to the Games and coach Herve Renard will look to improve on its quarterfinal exit at the World Cup.