
Why continental finals turn
A continental competition mixes the two formats that produce upsets: a tournament or knockout bracket, finished by a single final. The favourite must be good enough to reach the last match and then unlucky or careless enough to lose it. That happens more than reputations suggest, because a final is the most cautious match of a season. Caution narrows the gap between sides, and narrow gaps are where outsiders live.
This chapter covers both national-team championships and club competition. Denmark and Greece won the European Championship from positions no bookmaker took seriously. Steaua Bucharest and Porto won the continent's premier club trophy against sides with far larger budgets or reputations. The European focus is deliberate, but the pattern is global: Zambia's 2012 Africa Cup of Nations win in Libreville and Once Caldas' 2004 Copa Libertadores triumph over Boca Juniors belong in any wider discussion.