The introduction of UEFA’s new club competition format for the 2024–27 cycle marked one of the most significant structural reforms in European football in recent decades. Designed to create more meaningful matches, extend participation deeper into the season, and broaden revenue distribution across a wider group of clubs, the model is now approaching the final stages of its second season.
With the quarter-finals across all three competitions about to begin, this is a natural point to take stock of one specific objective. The remaining clubs provide a snapshot of how the new format is playing out in practice, both in terms of who is still competing at this stage and how progression continues to shape financial outcomes.
Using this as a reference point, this article looks at two key questions. First, whether the new structure is leading to greater diversity in the latter stages. Second, how the financial rewards linked to performance continue to scale across the three competitions and what this means for clubs operating at different levels of the European pyramid.
Latter-stage access broadly unchanged in early seasons
Early evidence suggests that there has been minimal change in overall diversity or access to the latter stages under the new format.
In the UEFA Champions League, quarter-finalists continue to come from a limited group of countries. Since 2018/19, representation has been largely restricted to the “Big Five” leagues, with only Portugal and the Netherlands appearing at this stage outside of that group over the past eight seasons. This pattern has remained unchanged as yet in the new cycle.
Looking across all three competitions combined, the overall picture is similarly unchanged. In the final three seasons of the previous format, the 24 quarter-finalists came from 10 or 11 countries. In the new cycle, there were once again 11 countries represented in 2024/25, with only 9 in 2025/26.
In total, 15 different countries were represented in the quarter-finals across the previous cycle. After two seasons of the new format, that figure stands at 14.
At the top end of the pyramid, concentration appears even more pronounced. Across the Champions League and UEFA Europa League this season, only six countries remain represented, all from the “Big Five” and Portugal. The UEFA Conference League, however, has a different profile. It is the only competition with clubs from outside the top countries by UEFA coefficient that are still competing beyond March. Quarter-final diversity has consistently remained high, with seven countries represented in each of the first four seasons and eight in 2025/26. Across its first five editions, the competition has featured 17 different countries at this stage.
Overall, while more clubs are involved earlier in competitions, access to the final stages remains concentrated among the same leading markets. However, this is not unexpected given the short timeframe and the existing structural dynamics in European football.
Progression and competition define financial outcomes
There are significant differences in prize money potential depending on which competition a club plays in. The structural gap between the Champions League and the other two competitions is evident. Last season, even the Europa League winner received less prize money than any club reaching the Champions League knockout stages, while not even the Conference League winner, Chelsea FC, earned as much as the lowest-earning Champions League club, SK Slovan Bratislava.
The financial impact of progression is most pronounced in the Champions League, where revenues scale significantly between stages. During the 2024/25 season, league phase participation alone generated between €21.9 million and €58.8 million, rising to between €83.7 million and €105.9 million by the quarter-finals. In the Europa League, quarter-final prize money ranged between €20.7 million and €24.2 million, while in the Conference League it ranged between €7.5 million and €10.8 million.
While progression drives financial gains, its absolute value impact becomes less pronounced as we move between the competitions. For example, the gap between league stage elimination and a quarter-final run can be relatively small in the Conference League, with a maximum prize money of €6.9 million in the league stage compared to a minimum of €7.5 million at the quarter-final stage in 2024/25.
However, one thing is common across the three competitions: in each, the prize for a good sporting result can have a similarly significant relative financial impact on participating clubs. In each of the competitions, we can find clubs with a UEFA club competition prize money-to-total operating revenues ratio above 40%.
A snapshot of the clubs still standing
The composition of this season’s quarter-finalists across the three competitions provides a snapshot of market representation and competitive profiles as we get to the final stage of the season.
In the Champions League, concentration is most pronounced. Only five countries are represented, all within the top six of UEFA’s coefficient rankings, with Spain and England the only countries with more than one club remaining.
The concentration is reflected in aggregated squad value, with six of the eight clubs ranking among the top eight globally; Atlético de Madrid and Sporting CP are the only exceptions. The commercial scale is similarly robust, with all but one club exceeding 90 million social media followers.
On the other hand, league phase performance has not fully pre-determined progression, with only five of the top eight seeds reaching the quarter-finals.
In the Europa League, country representation remains concentrated among the top-ranked markets, with only nations from the top six by UEFA coefficient still present. Six of the eight clubs come from the “Big Five” leagues, with FC Porto and SC Braga the only exceptions.
Club representation is more diverse, however. Nottingham Forest FC and RC Celta de Vigo had not participated in UEFA competitions in the recent past, while six of the eight clubs have not reached the quarter-finals since the competition’s rebranding in 2009. This variance is also reflected in squad value, which ranges between €127 million and €519 million.
The Conference League presents a different profile, reinforcing the role of the competition as a mechanism to broaden competitive access within the European system. Each of the remaining clubs represents a different country, including markets outside the top ten by UEFA coefficient, such as Greece and Ukraine.
This diversity is also reflected in squad values, with five of the eight clubs estimated to be worth below €160 million. The competition continues to provide access for clubs with limited recent European exposure, with half of the quarter-finalists not having participated in UEFA group or league stages over the past five seasons.
Late-stage structure remains consistent across competitions despite format reform
Across the three competitions, the structure remains clear at this stage of the season. The Champions League is concentrated among the most established clubs and markets; the Europa League retains a similar country profile, with greater rotation at club level; and the Conference League provides broader country access to the latter stages.
After two seasons, there is no clear indication that the new format has materially shifted this structure. While more clubs are involved earlier in the competition, progression to the latter stages remains largely aligned with existing sporting and financial hierarchies.
Financial outcomes continue to scale with performance, reinforcing the gap between competitions and the relative positioning of clubs within the European landscape. The Conference League remains the main point of differentiation within the system, offering both access and relevance for clubs outside the top tier, but without altering the broader competitive balance across UEFA competitions.
However, it is important to note that the impact of the new format is most visible earlier in the season. The league phase has largely delivered on extending participation deeper into the season and increasing the number of meaningful matches, while also broadening revenue distribution across a wider group of clubs. This has expanded access for small and medium-sized markets, creating opportunities that domestic competitions alone often struggle to provide, from increased visibility for commercial partners to greater appeal in the transfer market and for player recruitment. Over time, more regular participation at this level has the potential to support longer-term planning, strengthen organisational structures, and contribute to the gradual development of clubs operating outside the top tier.
Football Benchmark’s Intelligence platforms provide detailed data on UEFA competition revenues and their distribution across clubs, alongside benchmarking tools to compare financial performance across clubs of different sizes and markets across Europe.
