With an expanded 32-team tournament and matches across Australia and New Zealand, the 2023 FIFA Women's World Cup (beginning with a crowd of over 100,000 for the Matildas opener against Ireland) is going to be the best in the competition's 32-year history.
The USWNT is favored for a three-peat but that's never been done before, and there will be fierce competition from European champions England, two-time world champs Germany and teams looking to take the next step like France and Spain.
With just five months to go until kick-off, here are the latest odds according to Caesars Sports.
2023 Women's World Cup odds
What's to like: The back-to-back champs have been the world's No. 1 ranked team for six straight years. Previously the oldest team at the Olympic Games, the U.S. has reloaded with an exceptional next-generation led by Sophia Smith, Mallory Swanson, Ashley Sanchez, Emily Fox, Naomi Girma and Catarina Macario.
What's not to like: The team still lacks balance and gets diced in transition more than any U.S. fan is used to, as highlighted during a three-game losing streak last year to England, Spain and Germany.
What's to like: The Lionesses finally brought it home last summer by winning the European Championship in front of nearly 90,000 at Wembley. Beth Mead, Keira Walsh, Lucy Bronze and Leah Williamson are among the best in the world at their respective positions, and Lauren Hemp is a phenomenal talent.
What's not to like: England got to host the Euros. They'll host February's Arnold Clark Cup. They'll host Brazil in April's Finalissima. Beating opponents at a super-charged Wembley is nice and all, but can they do it on a July evening in Australia?
What's to like: Even without the injured Alexia Putellas, Spain pushed England to extra time in the Euro quarterfinals. Then, using a B team after 15 players were dropped for protesting against the coach, Spain humbled the USWNT 2-0 in Pamplona.
What's not to like: Putellas still hasn't returned from her ACL tear, and it's clear Spain needs her goalscoring influence in the final third to take that final step. And speaking of Barcelona players, what's going on between them and the federation at this point? Without Aitana Bonmatí, Mapi León, Irene Paredes, Patri Guijarro, Mariona Caldentey (and more), Spain plummets down these rankings.
What's to like: Germany reached the Euro 2022 final and maybe they could've won the whole thing if star forward Alexandra Popp wasn't injured in warm-ups. The squad is largely supplied by Wolfsburg (Lena Oberdorf is world-class) and Bayern Munich, and both those teams are through to the UWCL quarterfinals.
What's not to like: Nothing — If I were a betting man, I'd put some money on the Nationalelf with these odds. The fact that I'm thinking that probably dooms them.
What's to like: France has moved on from Eugénie Le Sommer and Amandine Henry with a new generation led by Marie-Antoinette Katoto and Delphine Cascarino while Wendie Renard remains as imperious as ever at the back.
What's not to like: At this point, manager Corinne Diacre.
The dark horses
What's to like: Sweden could meet the USWNT in the semifinals. You know Stina Blackstenius is ready to drop a hat-trick in that one. Fridolina Rolfö isn't afraid either.
What's not to like: They don't play as well against any of the other teams.
What's to like: An electric home field advantage and striker Sam Kerr.
What's not to like: They've never advanced beyond the quarterfinals before, and it's been a rollercoaster since Tony Gustavsson was appointed coach in 2020, including a 7-0 defeat to Spain last year.
What's to like: There's a lot of talent here with players like Lieke Martens, Daniëlle van de Donk and Jill Roord among the world's best. The Oranje can play with anyone on their day.
What's not to like: Vivianne Miedema, one of the world's best forwards, is missing the tournament after rupturing her ACL.
What's to like: The Copa América champs have some new names, highlighted by rising Barcelona star Geyse and the North Carolina Courage's Kerolin, and some established veterans like Debinha and Rafaelle. And then there's the GOAT, Marta.
What's not to like: After back-to-back eliminations in the last-16 there's genuine belief that Brazil can reach the quarterfinals, but there still seems to be a large gap between the Seleção and the world's elite.
What's to like: The Olympic gold medalists have a veteran midfield and backline that keeps them in every game.
What's not to like: Canada's gold medal, with a final technical record of two wins and four draws, was a beautiful miracle. There's not enough firepower to challenge for a World Cup.