The overwhelming favorite has been eliminated, so which remaining sides are best-suited to win it all?
After an opening knockout round like that, with four extra-time thrillers and a thrilling Monday that many are calling the best night in international soccer history, it's hard to imagine how Euro 2020 can get any better.
But a powerhouse matchup in Belgium vs. Italy, nations like Denmark and Ukraine looking to their national teams for hope and the evergreen "Is this the year for England?" narrative look set to drive us forward into the quarterfinals.
With the elimination of Euro 2016 champion Portugal and 2018 World Cup champion France in the quarterfinals, a new power is set to emerge, either as a return to glory or as an announcement to the world. Five of the eight quarterfinalists are seeking a first European trophy, and if it's anything like the previous round, the final eight promises to deliver.
Here's how the final eight contenders for the European Championship stack up:
1. BELGIUM
Group finish: 1st in Group B (beat Russia, Denmark, Finland)
Last-16 match: 1-0 win vs. Portugal
Quarterfinal opponent: Italy (Friday, 3 p.m. ET)
Belgium enters the top spot in the power rankings after France's ignominious exit. But Belgium's hopes for its first major trophy may lie in the fitness of PFA Player of the Year Kevin De Bruyne (ankle) and Real Madrid's Eden Hazard (hamstring) after the stars left the round of 16 due to injury. Manager Roberto Martinez said the two players avoided structural damage and are "50-50" for the quarterfinal, but it remains the big question mark for Belgium.
The Red Devils showed grit in surviving their toughest test since the 2018 World Cup semifinals to reach the final eight here. Now they will face an upstart Italian side intent on a return to glory, where the winner will surely be considered the favorite to lift the trophy. With its golden generation beginning to fade, it's now or never for Belgium, and there's never been a more opportune chance to win it all.
2. ITALY
Group finish: 1st in Group A (beat Turkey, Switzerland, Wales)
Last-16 match: 2-1 extra-time win vs. Austria
Quarterfinal opponent: Belgium (Friday, 3 p.m. ET)
Italy bulldozed its way through the group stage with three shutout wins but struggled against arguably its weakest opponent yet in the round of 16. Austria gave the Azzurri all it could handle, forcing extra time after a scoreless draw before Italy's depth won out. Second-half substitutes Federico Chiesa and Matteo Pessina ended up proving the difference in extra time, but Italy looked wasteful in front of goal after taking 27 shots.
Still, Italy's defensive record and the expected return of Giorgio Chiellini from injury should give Roberto Mancini's side plenty of confidence after extending its unbeaten streak to 31 games, an Italian record. The quarterfinal meeting with Belgium in Munich appears to be the de-facto final and a real test that will show whether Italy has regained its status as a European giant or still has a ways to go.
3. ENGLAND
Group finish: 1st in Group D (beat Croatia, Czech Republic; tied Scotland)
Last-16 match: 2-0 win vs. Germany
Quarterfinal opponent: Ukraine (Saturday, 3 p.m. ET)
On the other side of the bracket, England looks to be the clear favorite to reach the final after a formidable performance against Germany. Raheem Sterling, who has scored three of England's four goals at the Euros, continued his stellar form with the opening goal against Germany, while Harry Kane broke his scoring drought to send Wembley Stadium into hysterics. Moreover, England added to its impressive defensive showing at the Euros with its fourth straight clean sheet as Gareth Southgate's 3-4-3 continued to lock opponents out.
It'll be easy to overlook a major underdog like Ukraine, but the Three Lions will know that this is a clear shot at their first trophy since the 1966 World Cup with a potential semifinal looming against Denmark or the Czech Republic. England fans have never needed much of an excuse to sing "It's Coming Home," but now they might actually be onto something. A win in Rome would see England head back to London for the semifinal and, potentially, the final in front of its home support.
4. SPAIN
Group finish: 2nd in Group E (beat Slovakia; tied Sweden, Poland)
Last-16 match: 5-3 extra-time win vs. Croatia
Quarterfinal opponent: Switzerland (Friday, 12 p.m. ET)
Other than Switzerland, of course, no one was happier to see France drop out of the tournament than Spain, which now faces the Swiss in the quarterfinals instead of the reigning world champion. La Furia Roja opened that memorable Monday with a hectic win of their own in a roller-coaster of a match vs. Croatia. What started out miserably with that shocking Pedri-to-Unai Simón own goal followed with Spain overcoming a deficit to take a two-goal lead, blowing it in the final 10 minutes and then taking another two-goal lead to advance in electrifying fashion.
The good news for Luis Enrique's side is that it has finally figured out its attack. After scoring only once in the first two games of the tournament, Spain has a combined 10 in the last two matches with six goalscorers—tied for Denmark for the most in the tournament. With that stunning win, Spain is back in the quarterfinals after failing to reach the stage in its last three tournaments. If its recent form continues, a trip to the semifinals and a return to European relevance is certain.
5. DENMARK
Group finish: 2nd in Group B (beat Russia; lost to Finland, Belgium)
Last-16 match: 4-0 win vs. Wales
Quarterfinal opponent: Czech Republic (Saturday, 3 p.m. ET)
Denmark certainly didn't expect to face the Czech Republic in the quarterfinals, but that's just how fortune falls for a tournament Cinderella. But after that 4-0 thrashing of Wales, maybe we should stop thinking of the Danes as a fairytale story and start recognizing them as the contender they are. Much like Spain, Denmark has found a spark in the last two games when it's mattered most, with eight total goals, including that emotional 4-1 win over Russia to close out the group stage.
The Czech Republic will still provide a challenge after its strong showing against the Netherlands, but Denmark hasn't been one to overlook any obstacle. We are all too familiar with what befell Christian Erisken in the opening match, but Denmark has turned that story from one of tragic circumstances into one of resilience and inspiration. With a win in Baku, a semifinal never thought possible awaits where the Red and White will like its chances, having already experienced the worst and being made better for it.
6. SWITZERLAND
Group finish: 3rd in Group A (beat Turkey; tied Wales; lost to Italy)
Last-16 match: 3-3 (5-4 penalties) win vs. France
Quarterfinal opponent: Spain (Friday, 12 p.m. ET)
Switzerland was the darling of the round of 16 with its upset of France, and now nothing looks too daunting for the side. After coming back from a 3-1 deficit in the final nine minutes, the Swiss will be motivated to play in their first quarterfinal in a major tournament since the 1954 World Cup that it hosted.
However, they must carry on without their captain, Granit Xhaka, at least for the quarterfinal, after he picked up his second yellow card of the tournament during his dominant, man-of-the-match performance against France. Benfica forward Haris Seferović has had himself quite the week with three goals in his last two games, including two against France, and will surely be counted upon if Switzerland hopes to crack Spain's defense—and crack the semifinals for the first time in the nation's soccer history.
7. CZECH REPUBLIC
Group finish: 3rd in Group D (beat Scotland; tied Croatia; lost to England)
Last-16 match: 2-0 win vs. Netherlands
Quarterfinal opponent: Denmark (Saturday, 12 p.m. ET)
For all of the complaints over the third-place qualification confusion, three of the four third-place teams (sorry, Portugal) have advanced to the quarterfinals, including the Czech Republic. The Czechs held strong against the Netherlands until Matthijs de Ligt's 55th-minute red card gave them the full advantage. Twenty-five minutes later, the Czechs had a two-goal lead and a ticket booked to Baku.
Bayer Leverkusen forward Patrik Schick enters the round as the top active goalscorer in the tournament with four goals—just one shy of Cristiano Ronaldo's lead for the golden boot—and is sill the clear favorite to win goal-of-the-tournament for his strike from just over the halfway line against Scotland. There are plenty of worse matchups to have in a quarterfinal than Denmark, and after dispatching the Netherlands, the Czech Republic will feel that the team's fifth Euro semifinal (three as Czechoslovakia) is within its reach.
8. UKRAINE
Group finish: 3rd in Group C (beat North Macedonia; lost to Netherlands, Austria)
Last-16 match: 2-1 extra-time win vs. Sweden
Quarterfinal opponent: England (Saturday, 3 p.m. ET)
The fact that Ukraine is in the quarterfinals is quite remarkable given that it squeaked into the knockouts as the last team in. But in a gutsy extra-time triumph, which ended with Artem Dovbyk's thrilling 121st-minute winner, Andriy Shevchenko's side showed that it was ready to make the most of its chance in the knockout rounds.
Against Sweden, Ukraine proved that it wouldn't back down just because it was the underdog, but it will now enter the quarterfinal against England as an even bigger one. All of the pressure will be on England to reach the final now that it has gotten past Germany, meaning Ukraine truly has nothing to lose, having already outdone all expectations.
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