The phrase "tournament favourites" means the teams or individuals who are expected to do the best and are most likely to win in a competition. Full definition
They are beginning to look a potent attacking force, but have yet to produce a complete performance to justify their status as tournament favourites. (worldsoccer.com)
The last four of the Europa League will be decided on Thursday with tournament favourites Atletico Madrid and Arsenal both looking in good shape. (thegamblingtimes.com)
Gerardo Martino's tournament favourites beat Venezuela 4 - 1 in Massachusetts on Saturday, with two goals from Gonzalo Higuain and one apiece from Lionel Messi and Erik Lamela. (caughtoffside.com)