On paper, Brazil is the strongest team, and are favorites from a football perspective. Neymar is in the best form of his career currently with French club Paris Saint-Germain. Alison and Ederson are the top goalies in the English Premier League. Vinicius is soccer's Great Black Hope, and plies his trade along with Eder Militao and Rodrygo in Real Madrid, where midfielder Casemiro spent most of his career. They have quality fullbacks in Italian club Juventus with Alex Sandro and Danilo. In midfield, Bruno Guimaraes has had an impressive debut season in the English Premier League. Midfielder Fabinho plays regularly with Liverpool.
Up front, Brazil is stacked with options. Gabriel Jesus and Martinelli currently are in 1st place with Arsenal in the English Premier League. Antony, Richarlison, and Raphinha are all playing in top European clubs, and are threats from out wide.
Even looking at the Brazil's ethnic makeup, the only unmistakable Blacks from a Brazilian context are Militao, Alex Sandro, Fred, Gabriel Jesus, Rodrygo, and Bremer. While Alex Telles, Bruno Guimaraes, Everton Ribeiro, Lucas Paqueta, Pedro, Martinelli, and the three goalies appear to be largely White.
Argentina might be the next favorites. Messi is still performing at an excellent level in France. He has a solid supporting cast this time. Martinez looks to be a competent goalie, given that he's playing regularly in England. The experienced Otamendi provides strong leadership at center back, and one of Romero, Martinez, or Pezzella can be a strong partner for him. Their fullback options Molina, Tagliafico, and Acuna are all playing regularly in European clubs. In midfield, Paredes, De Paul, and Enzo Fernandez appear to be decent. Striker Lautaro is a fine partner for Messi, as he has consistently scored for both Inter Milan and Argentina. Argentines are not in the very top clubs in the world to the extent the Brazilians are. But, Messi will always be a difference maker.
Uruguay could be a handful for whatever team faces them. They will bring a nastiness and street smarts the way all White or Mestizo teams from Latin America do, personified by players like Luis Suarez, Diego Costa, and Portugal's Brazilian Pepe.
Cavani, Suarez, and Godin at 35 continue to play well for club or country. Liverpool's Darwin Nunez is a promising young talent who may be among the next great strikers in Europe. Several other players thriving in Europe: Araujo (Barcelona), Gimenez (Atletico Madrid), Valverde (Real Madrid), and Bentancur (Tottenham).