The Swiss stage opening on October 23 spreads implied probability across multiple contenders because LCK depth (Gen.G, Hanwha Life Esports, T1, Dplus KIA) and LPL strength (Bilibili Gaming, Anyone’s Legend) produce similar domestic records and international pedigrees on patch 26.20. Gen.G enters as the top-seeded LCK side with a dominant 2026 split but carries historical Worlds variance, while MSI champion Hanwha Life and three-time defending T1 add roster continuity and playoff experience that traders price near 15-18%. Bilibili’s First Stand success and Anyone’s Legend’s LPL final run keep the field bunched, as best-of-one and Swiss formats reward momentum shifts over raw regional edge. Lower-seeded Western and minor-region sides hold minimal shares, reflecting limited paths past early upsets. This distribution reflects trader consensus on an unusually open bracket where recent form and matchup execution will decide advancement rather than any single standout roster.