I think some traditionally great football nations have their work cut out for the near future.
Italy is struggling and it's not looking like it's going to get better THAT quickly. Other than aging Chiellini, and a Bonucci who needs to make a comeback season, the only player close to being "world class" is maybe Insigne. Jorginho I'm still on the fence about, I think he's great at distribution, but melts under press - he was horrible vs Poland.
Zappacosta, Braghi, Gagliardini, even Berna... These are not great players, and Italy shouldn't be surprised if they're failing to compete and look a serious team compared to Germany or France.
Holland has got some talent coming up but it still looks very ordinary. 2 or 3 players (De Ligt, De Jong, etc.) but it's all rather pedestrian compared to the great Dutch sides of the past.
I don't know how long smaller nations like Belgium and Croatia can keep their squads from declining, but they've done work recently, pumped out quality footballers and they've got some talent coming up as well.
Italy, Holland, even England (Southgate's England I think gets away with stuff because of the WC semi, but they've not beaten a top-20 side yet)... I think all would be 2nd favorites to France, Germany, Spain, Croatia and Belgium atm.
And these 3 traditional football super powers.
If anything, I think some nations with quality footballers but without delusions of grandeur are closer to making a breakthrough at the EURO - like Denmark.
Don't get me wrong, in the WC final. France won the game and it was over after 60 minutes and the 3rd goal, but Croatia dominated play for those 60 minutes, an unfortunate series of events, ref decisions and France being pragmatic like great teams are, putting them behind and the game beyond Croatia's reach.
But noone gave us as much trouble as Denmark. Very tight, very organized, compact, without suffering from some delusions thinking they need to offer jogo bonito, and some serious players in their side to give them quality to compete.
So, yeah, Denmark is just as likely to go on a deep run as Holland or Italy, IMO, if not more.
Spain vs England and France vs Holland both looked like mismatches, where one team just stepped on the gas when needed and decided to win the game.