What date are the QFs and SFs being played?
I reckon Santos and Velez to meet in the final. Cerro/Penarol are the dark horses.
Quarters first games are next wednesday and the second game 7 day after (11 and 18). Though some games can be changed to thuesday or thursday as FOX wants. Semis are on 25 this month and June 1.
It's really hard to appoint favourites now. In the eights, from the 8 favourites only 1 qualified (Santos). The other 7 were the underdogs (one can argue that there was no favourites in LDU x Vélez though). I think overall the level of the teams is very close between each other, and everything can happen.
Anyway, I think Vélez is playing the best football. This can easily means absolutelly nothing cause since Boca days, the team with the best football didn't won Libertadores (just like Cruzeiro this year), but still the display against LDU (one of the best teams in South America for some years now) was really impressive.
I also liked a lot the kind of football Católica showed against Grêmio and in the group stage.
Their tactical variations, passing style and fluid movement off the ball reminds me Marcelo Bielsa style. It's a well crafted team (their manager is Juan Pizzi) and they have good players like Eluchans, Pratto and Cañete. I put then over Peñarol, though the Uruguayans always turn into something stronger in decisions.
Both Paraguayans are very strong, specially Libertad. It's a solid team with good defense and creative players in the midfield. The winner between Vélez and Libertad will be a serious contender.
Santos has been poor all Libertadores. Managerial problems, a weak defense... But they've got a good coach now and it looks like he fixed the defense, and thanks to very defensive tactics they qualified in México. Neymar and Ganso in front of a packed defense can make the difference for them from now on.
But Once Caldas will be a hard opponent. It's the most imprevisible team there. They qualified as the overall last one (with only one victory in the last round) and then they managed a miracle eliminating the best team of the tournament in their own ground, and showed a good possession football over the two legs. Problably no "rational" pundit would bet on the Colombians. None made it in
2004 also.