Liquid leads the field at 53.5% implied probability after topping its group stage with a default win and narrow victory over Betclic, bolstered by roster stability and higher VRS ranking ahead of quarterfinals against 9INE. The Polish side sits at 46.9% on strong recent results and momentum, while fnatic and Johnny Speeds advanced from their groups to keep the bracket open. Single-elimination format, home-region advantages for several European squads, and potential for upsets in best-of-three series maintain tight clustering among the top contenders despite Liquid’s edge in form and experience.