Elite squads like Spain and France hold deep benches and strong recent form that support the 74.5% implied probability for an unbeaten champion. Spain’s Euro 2024 triumph and extended unbeaten run in competitive fixtures highlight defensive organization and attacking options capable of securing group-stage draws or wins against weaker sides. France’s squad depth provides resilience across the expanded 48-team bracket, where seven matches await the winner. Historical precedents show dominant teams often advance without losses, and current rankings plus consistent results reinforce trader consensus that a top contender will navigate the group stage and knockouts cleanly despite the longer path.