Kinda wild that FNC is no longer considered Top 3 in EMEA, but I can see concerns as to why. Boaster not fragging enough, Leo is still inactive on recovery from Long COVID, Kaajak didn't perform to his best at RBHG. If Leo does come back, I think FNC is Top 3. And as for an EMEA underdog, I think M8s can be good if RobbieBk and Click can perform to a high quality. Likewise, GX have potential to be top tier if tomaszy and runner can peform consistently.
In Americas, SEN definitely feel overrated at least with their current role issues. I think they need to swap N4RRATE and JohnQT's roles if they want to see the best results. Americas' underdog will be MIBR or 2Game. MIBR have injected a lot of firepower and Aspas wanted to play with Nzr so there must be some insane chemistry there. 2Game have been written off just because they're the newly ascended team, but I think what they can bring is a lot of aggression and confidence. Having said this, Spike was key in this plan. Hopefully gobera will be fine. If not 2Game, KRU always have a chance at making Champs. It's just their destiny. Also, LEV should be in the Top 3 contention.
APAC underdogs will be either DFM or RRQ. Kush on RRQ looks insane. High potential player especially if Jemkin and Monyet are also playing great. Xffero is their current weak point, but I think he is sure to improve as the season goes on. DFM are amazing if their off-season is anything to go off of. My one concern is gyen is young and thus doesn't have that experience that SSeeS has. SSeeS has both amazing aim and a sixth sense to win certain rounds. People write him off for the previous season but he was arguably second best behind Meiy.
In China, it's probably either Wolves or XLG that are gonna have that underdog run. Of course, BLG is close fourth to the Top 3, but Wolves have a fair bit of firepower and XLG look promising for an ascension team. Hopefully it won't be another DRG-style hit 1 tournament and fizzle out.