Brazil and Argentina are still the two most favorite teams, Argentina is the defending champion. It makes sense to place them as the favorite team, because the squad depth they have is said to be better than the other contestants. Apart from that, I think Uruguay is also worth considering, because they now have a golden generation in their squad. America will act as hosts, it might be a little advantageous for them to go further. We hope that Brazil will face Argentina in the final, that would be ideal. Apart from that, it is possible that there will be a surprise, the favorite team could be eliminated early. It's a shame that Neymar couldn't continue his adventure in this edition of the Copa Amreka due to a prolonged injury, even though he made a big contribution in the previous qualifying stages.
Rather than Argentina, I think Brazil is the most favorite even though Neymar is no longer the one they can rely on due to his physical condition which continues to decline.
In addition to Uruguay, Chile also makes sense to be included in the favorite teams for the 2024 Copa America. I think the chances are that America will not go further even though they are acting as hosts for the 2024 Copa America.
Chile in the Copa America tournament is a team that needs special attention because in 2016 they defeated Argentina in the final.
We cannot deny that Chile is currently not as strong as it used to be.