Spain or England? France or Portugal? All elite squads but only one can be at the top. 

The UEFA Nations League returns to action on Thursday, and that's a perfect time to reveal my latest power rankings of the best teams in Europe. 

Agree or disagree? Let's break it all down as we see who makes the cut and who takes the top spot – for now. 

No. 10: Italy

FIFA Rank: 15

Next Opponents: vs. France (Nov. 12), at Belgium (Nov. 15)

Why They're Ranked Here: We all know about the futility of the last three World Cups, but within that is a European championship in 2020. I'm really excited to see what Italy can do. This is not even close to what Italy once was, but I think they can do more damage even to a great team like France, especially playing at the San Siro.

There are still good players such as goalkeeper Gianluigi Donnarumma, midfielder Nicolò Barella, and forward Francesco Pio Esposito. I'm excited to see what 20-year-old AC Milan forward Alphadjo Cisse can do. One player isn’t going to change everything. Italy has to do something different.

No. 9: Switzerland

FIFA Rank: 12

Next Opponents: at Slovenia (Nov. 13), vs. Scotland (Nov. 16)

Why They're Ranked Here: The Swiss have not lost any momentum since their quarterfinal appearance at the World Cup. These guys are flying right now, having won all of their four games in Nations League play. They are in a spot to get promoted to League A for the next edition, where they will be back among Europe's top teams.

No. 8: Belgium

FIFA Rank: 8

Next Opponents: at Türkiye (Nov. 12), vs. Italy (Nov. 15)

Why They're Ranked Here: We all remember Belgium, don’t we? From this past summer when they knocked the USA out from the World Cup in front of that big crowd in Seattle? Yeah, still a good, quality team. The golden generation is dwindling down – midfielder Kevin De Bruyne is in this squad, but veteran striker Romelu Lukaku had to leave due to an injury. However, winger Jérémy Doku will continue to be a star for years to come.

No. 7: Netherlands

FIFA Rank: 9

Next Opponents: vs. Greece (Nov. 13), at Germany (Nov. 16)

Why They're Ranked Here: They’ve been up and down, but I think they’re up right now. The Dutch won't have longtime captain Virgil van Dijk in the backline for these games due to injury, but with talented goalscorers like Cody Gakpo you can never count out the Dutch. Two key games ahead for manager Xavi Hernández's squad – don't sleep on my Greeks and you know Germany will be tough. 

No. 6: Norway

FIFA Rank: 19

Next Opponents: vs. Wales (Nov. 14), at Denmark (Nov. 17)

Why They're Ranked Here: It hasn’t been a great Nations League for Norway. They are last in their group – which would relegate them to League B for the touranment's next edition – so they’re hanging on by a thread. But Norway has two winnable games and this team has superstar striker Erling Haaland. Like I have said, he is always worth the price of admission. He has 65 goals in 59 international matches, which is an astronomical number.  

No. 5: Germany

FIFA Rank: 13

Next Opponents: at Serbia (Nov. 13), vs. Netherlands (Nov. 16)

Why They're Ranked Here: Jürgen Klopp is still finding his footing as Germany’s manager, and it will be a big task to get this team back where it traditionally belongs. Yes, there is talent in the attack – Kai Havertz remains key for Arsenal and Florian Wirtz seems to be improving at Liverpool in his second season –and Joshua Kimmich remains a versatile defensive anchor. But it's an aging squad with players like 33-year-old striker Niclas Füllkrug still playing essential roles.

No. 4: Portugal

FIFA Rank: 5

Next Opponents: vs. Denmark (Nov. 14), at Wales (Nov. 17)

Why They're Ranked Here: I could probably even put them higher, let's see how the team really responds after the international retirement of Cristiano Ronaldo. 

Maybe without the burden (if it was a burden) of Ronaldo, this will be a new-look type of Portugal. There is young talent – 21-year-old striker Gustavo Varela and 19-year-old attacker Rodrigo Mora – to go alongside a stellar core that includes midfielders Bruno Fernandes and Vitinha. Fullback Nuno Mendes isn't in this squad due to an injury, but with those players and more, I think we'll see an even better version of this team.

No. 3: England

FIFA Rank: 4

Next Opponents: vs. Croatia (Nov. 12), at Spain (Nov. 15)

Why They're Ranked Here: We’ll see if winning the Ballon d'Or will be a burden for Harry Kane, but I don’t think so. Kane adapts to anything on and off the field. He's already England's all-time leading scorer and when he steps onto the field against Croatia or Spain, he'll become the leader in appearances for the Three Lions. 

Add the likes of midfielders Declan Rice and Jude Bellingham and this team still has the chance to win some silverware in the next few years.

No. 2: France

FIFA Rank: 3

Next Opponents: at Italy (Nov. 12), vs. Türkiye (Nov. 15)

Why They're Ranked Here: Even with injuries to Kylian Mbappé (who'll miss the Italy clash with a hamstring injury) and other top players like 2025 Ballon d'Or winner Ousmane Dembélé and key midfielder Aurélien Tchouaméni, this is a deep squad. Zinedine Zidane's side can still count on stars like the dynamic Michael Olise. 

I think the game against Italy will be much closer than what people may expect. And anytime Italy and France meet, especially with Zidane involved, it evokes memories of that 2006 World Cup final.

No. 1: Spain

FIFA Rank: 1

Next Opponents: at Czechia (Nov. 12), vs. England (Nov. 15)

Why They're Ranked Here: Of course, the reigning World Cup champions should be here.  Lamine Yamal will be sitting out the Czechia game with an injury, but even without him, we should see Spain win that game. Hopefully, he'll return for the matchup against England, which is the game of this window. 

Spain is on a roll, having not lost in 43 games in a stretch that included winning the 2026 World Cup final (their loss on penalties to Portugal in the previous Nations League final is counted as a draw). This squad still has one of the best young center-backs in Pau Cubarsí. And don't forget Marc Cucurella, whose end-to-end skills (and long-flowing hair) makes him one of the best fullbacks in the world. 

Spain – along with teams like Portugal and England – is simply the cream of the crop.