Alexia Putellas stands as the clear frontrunner for the 2026 Women's Ballon d'Or after Aitana Bonmatí's season-long absence with a broken leg opened the door for the two-time winner. Putellas anchored Barcelona's quadruple-winning campaign, earning UEFA Champions League Player of the Season honors while contributing heavily in goals and assists amid midfield injuries to teammates like Patri Guijarro. The ceremony takes place tonight in London, with traders pricing Putellas above 94% implied probability to claim the award outright. This Spanish dominance, backed by multiple Barcelona nominees including Ewa Pajor—the top Champions League scorer—shapes expectations for a top-five finish, where club success and individual metrics like goal tallies and titles heavily influence voter consensus among journalists and coaches. Late momentum from national team qualifiers could still shift marginal positions among contenders like Khadija Shaw or Caroline Graham Hansen.