Palmeiras advanced to the Copa Libertadores final after defeating Fluminense 2-2 on aggregate via a 5-3 penalty shootout in the second leg on October 21, while Estudiantes eliminated defending champions Flamengo 0-0 on aggregate with a 3-2 shootout win at the Maracanã on October 22. These results set up a November 28 matchup at Montevideo’s Estadio Centenario, positioning Palmeiras as the clear favorite due to its recent form under Abel Ferreira, multiple prior finals appearances, and domestic strength in Brazil. Estudiantes’ underdog run, capped by goalkeeper Fernando Muslera’s key saves and a resilient defensive display despite playing with ten men, accounts for its meaningful but secondary implied probability. Flamengo’s early exit explains its near-zero market price.