World Cup knockout biggest shocks as Germany's exit ranks second

Based on market value 

In the biggest shock of the 2026 World Cup, Germany were eliminated by Paraguay. After the last 32 clash finished 1-1 after extra-time, Paraguay progressed into the last 16 after winning 5-4 on penalties. It was an embarrassing exit for Germany and remarkably their first-ever penalty shoot-out loss in World Cup history.

The inquest will now begin with Julian Nagelsmann’s position as head coach under serious jeopardy but Germany’s underperformance at recent World Cups extends beyond this year as they were knocked out in the group stages in the previous two tournaments. Perhaps surprisingly, Germany had the fifth most valuable squad at the World Cup based on Transfermarkt’s famed market values, which makes their exit one of the biggest shocks ever in the knockout stages.

The biggest World Cup knockout upsets

Based on Transfermarkt’s famed market values, Germany’s exit at the hands of Paraguay ranks as the second biggest in the history of the knockout stages. Nagelsmann’s squad had a combined value of €892m compared to the South American’s €129m, which is a differential of €763 million. To further highlight the disparity between the two nations, Germany’s starting eleven had a combined market value of €450m, compared to Paraguay’s €64.5m.

As the graphic above illustrates, Russia’s elimination of Spain in the 2018 World Cup is the biggest shock based on the highest differential in squad values. After a crazy start to the tournament with Julen Lopetegui sacked two days before their opening match, Spain crashed out to Russia in the last 16 despite boasting a squad with a total valuation of €1.03b, compared to Russia’s €155 million, which represents a gap of €879m.

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