Even with the individuals it has drawn, the Olympic football event has become a minor consideration at the Games.

Some of the players involved are used to cloying attention, so it will be a novelty for the likes of Neymar, Juan Mata and Ryan Giggs to be incidental figures. Yet the competition itself has the potential to be intriguing.

Spain and Brazil have established themselves as the dominant contenders. Both carry such allure that the tournament has already been reduced in many eyes to the contest between them. The likes of Gabon, Belarus and Senegal, who are making their debuts, are not likely to emerge as contenders but there is enough talent out with the two leading nations for this tournament to claim some worth.

Uruguay have adopted the same approach as Brazil, in putting the senior team's coach in charge and expecting the competition to be part of that side's ongoing development. The stock of Oscar Tabarez is high already, after leading Uruguay to fourth place at the 2010 World Cup then to Copa America glory last year, and he has selected a squad capable of winning gold, something the nation last achieved in 1928. "After the World Cup, the Olympic Games is the most important [tournament]," Tabarez said.

A side containing Luis Suarez and Sebastian Coates of Liverpool, Edinson Cavani of Napoli, Nicolas Lodeiro of Ajax and Arevalo Rios of Palermo has no cause to be apprehensive. Tabarez enjoys an adventurous streak and his team can be recklessly daring; they won their last warm-up match 6-4 against Chile and they will at least be a thrilling side to watch.

Uruguay are in Group 2 with Brazil and Tabarez will be under less pressure than his counterpart, Mano Menezes, who could lose his job if the team does not perform well. It is considered an integral part of the squad's preparations for hosting the World Cup in 2014, and the team is littered with established talents. Neymar will line-up in attack alongside Milan's Alexandre Pato and Hulk of Porto, while Chelsea's latest signing, Oscar, is the team's attacking playmaker.

Alongside Lucas Moura, the Sao Paulo midfielder being tracked by Manchester United, Sandro of Tottenham, Thiago Silva, who has moved to Paris St Germain, Rafael of Manchester United and Marcelo of Real Madrid, the team glitters. Only the pressure of expectation may overcome them, and Brazil have never won Olympic gold, but that makes the tournament ideal preparation for the greater strains that will come at a home World Cup.

It is Team GB who must cope with the expertise of the Spanish squad, which is intimidatingly gifted and assured. Stuart Pearce, the GB coach, often appears grimly stoic and the assumption is his team, which is little experience of playing together, will have to be similarly workmanlike and grinding.

There are other less high-profile sides worth following, not least Japan, South Korea – who are making their eighth consecutive appearance – Switzerland and Mexico, who can boast Giovani dos Santos and Carlos Salcido. Mostly, though, the attention will be drawn by the countries already considered to be among the very best in the world. The players can still make an impact on the Games.