Haven't been watching football for a time, but even in the past folk used to badly analyze those countries. There are so-called tournament nations that highly overperform based on a few factors - smart leadership, resolve, determination, willingness to fight for their nation out of pride.
Nations which do all that are/were Germany, Ireland, Scotland, Italy, Eastern European nations sometimes, South Korea, Japan. Those nations usually outperform to their abilities.
Many countries like Span and England underperform due to their bad discipline in tournaments and long season of their leagues - they simply don't care or don't have the energy to fight well.
Massive underperformers are also South American countries with African countries being the weakest link there. Brazil and Argentina usually won championships while having teams which were twice as valuable/good than all the other ones.
In this time the difference is not big enough for a win for Brazil unless something truly marvelous happens and they play up to their skill-level:
https://www.transfermarkt.co.uk/statistik/weltrangliste
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Nation
Squad size
Avg. age
Total value
Confederation
Points
7 France France2326,0£972.45mUEFA1198
10 Spain Spain2328,5£930.60mUEFA1126
2 Brazil Brazil2328,6£882.90mCONMEBOL1431
1 Germany Germany2327,2£794.70mUEFA1558
12 England England2326,1£786.60mUEFA1051
3 Belgium Belgium2327,6£678.60mUEFA1298
5 Argentina Argentina2329,6£629.10mCONMEBOL1241
19 Italy Italy2625,7£597.60mUEFA951
4 Portugal Portugal2328,4£445.05mUEFA1274
17 Netherlands Netherlands2526,6£391.50mUEFA981
14 Uruguay Uruguay2328,2£335.70mCONMEBOL1018
20 Croatia Croatia2327,9£327.60mUEFA945
27 Senegal Senegal2327,2£267.57mCAF838
8 Poland Poland2328,3£247.10mUEFA1183
34 Serbia Serbia2326,8£246.11mUEFA751
12 Denmark Denmark2327,2£233.37mUEFA1051
16 Colombia Colombia2328,4£225.99mCONMEBOL986
6 Switzerland Switzerland2327,2£196.29mUEFA1199
26 Austria Austria2726,4£180.36mUEFA845
45 Egypt Egypt2329,0£177.50mCAF649
70 Russia Russia2328,9£145.64mUEFA457
68 Ivory Coast Ivory Coast2525,9£143.24mCAF463
15 Mexico Mexico2329,3£139.14mCONCACAF989
66 Algeria Algeria2427,2£131.92mCAF474
48 Nigeria Nigeria2325,9£121.37mCAF618
These are the FIFA rankings listed according to market valuation and not the strange FIFA rankings, which often don't make much sense. It's listed in millions of pounds.
The top contenders for the title are thus Germany, Belgium and Italy. The French team barely has any affinity left for France and is more African now - it will be hampered by the usual lack of interest. Zinedine Zidane's French team was the last one imbued with somewhat of a fighting spirit.
Brazil will likely get far, but then ultimately lose.