[4] The single match was played on 21 August 2022 at Estadio Centenario in Montevideo, Uruguay, between Uruguayan team Peñarol, the 2022 U-20 Copa Libertadores champions, and Portuguese team Benfica, the 2021–22 UEFA Youth League champions.

The third, also held at Estadio Centenario, was a play-off of the previous two and was won by Peñarol with a 2–1 score on 19 September 1961.

Each team had to submit their list of 22 players (at least two of whom must have been goalkeepers) to their respective confederation by 17 August 2022, 19:00 UTC−3 (UYT) or 24:00 UTC+2 (UTC+2).

Teams were permitted to make player replacements in cases of serious injuries up to 24 hours prior the start of the match (Regulations articles 26 and 27).

[11] Benfica announced its squad on 19 August,[12] which did not include forward Henrique Araújo, who scored 3 goals in the 2021–22 UEFA Youth League final, but included defender Tomás Araújo and winger Pedro Santos, all of them being considered in the main team by coach Roger Schmidt.