2026 FIFA World Cup Contenders Reassessed Following Argentina's Stunning Comeback

The 2026 FIFA World Cup continues its march toward crowning a champion, with the Round of 16 whittling down the field on Tuesday, July 7, as knockout football delivered its share of thrills.

Argentina, the defending titleholder, mounted one of the tournament's most impressive comebacks, erasing a two-goal deficit to edge Egypt 3-2 and keep alive their bid for consecutive World Cup victories. The South American side's resilience kept them in the hunt as the competition intensified.

The day's action came on the heels of Monday's results, which saw Spain dispatch Portugal with a stoppage-time goal in a 1-0 victory, while Belgium dominated the host nation USA with a commanding 4-1 triumph to advance to the quarterfinals.

With nine teams still in the running and just a single Round of 16 fixture remaining—Switzerland versus Colombia set for later that evening—the tournament has entered its crucial final phase. The dramatic shifts in outcomes have prompted betting markets to recalibrate their projections, with the Kalshi World Cup market now tracking over $1 billion in wagering activity.

As the race for the trophy narrows, oddsmakers have updated their championship favorites to reflect the latest developments from the pitch.