West Germany, the defending European champions, were second favourites to win the tournament, with odds of 5/2, after reaching the final of the 1982 World Cup two years before. The squad boasted the usual array of world-class talent such as goalkeeper Harald Schumacher, arguably the world's best at the time, defenders Hans-Peter Briegel and Karl-Heinz Förster, defensive midfielder Lothar Matthäus, or strikers Pierre Littbarski, Rudi Völler, and Karl-Heinz Rummenigge. However, offensive midfield had emerged as a significant weakness during a hard-fought qualifying campaign in the absence of playmakers such as Hansi Müller, Bernd Schuster (both mired in long-standing feuds with the German football federation), or Felix Magath (in poor form). The team missed their creativity. Still, West Germany's strength remained impressive and the side's legendary ability to rise to the challenge of a major competition was a factor to be reckoned with.
Spain, at 8/1, were only rated an outsider for the title in spite of a squad awash with talent. Goalkeeper Luis Arconada, defenders José Antonio Camacho and Antonio Maceda, midfielder Rafael Gordillo, or strikers Santillana and Francisco José Carrasco could hold their own against any direct counterpart bar none. Most players were veterans of the 1978 World Cup, Euro 1980, or 1982 World Cup campaigns and were used to final-round pressure. As usual, though, the main challenge of manager Miguel Muñoz was to build a team spirit among players hailing from a footballing culture that often placed regional rivalries (such as Real Madrid vs. FC Barcelona) above national unity. This was the first international tournament of important players such as Emilio Butragueño and Andoni Zubizarreta (even when they didn't play during the Euro 84).
Portugal, at 14/1, were widely seen as a rising force that might be a little too green to go all the way in its first participation in the final round of a major tournament in two decades. Having eliminated 1982 World Cup third-place finisher Poland and a strong USSR side was a label of quality for a talented young "golden generation" around midfielder Fernando Chalana or strikers Diamantino and Rui Jordão. Benfica's goalkeeper Manuel Bento was one of the veteran stars of this team, alongside Fernando Gomes, the fantastic striker of FC Porto. The side bore the traditional hallmarks of Portuguese football with first-class offensive power, an inspired midfield, and a gritty defense. Inexperience in a final round and occasional lapses in tactical discipline were the main concerns of manager Fernando Cabrita as the tournament opened.
Romania, at 16/1, were a near-complete unknown whose triumph in qualifying over World Cup holders Italy and Euro 1980 third-place finishers Czechoslovakia inspired awe. Opportunities to observe the side and its star players, who all came from domestic teams, were few at a time when the country was still firmly behind the Iron Curtain. Only midfielder Ladislau Bölöni had made a name for himself with an inspired performance in the qualifier at home against Italy, while a young striker named Gheorghe Hagi was still on the eve of an illustrious career. Romulus Gabor, the best player of the famous Romanian team during the World Youth Championship in 1981 was also present.
Spain
Portugal
West Germany
Romania
25', 66'