The Argentine squad had arrived in Santiago with most of players of legendary team La Máquina such as José Manuel Moreno, Ángel Labruna and Félix Loustau, with the addition of rising star Alfredo Di Stéfano.

Most notable in the competition were the host Colo-Colo, the Di Stéfano-inspired River Plate (La Máquina), the Atilio García-inspired Nacional, and Vasco da Gama,[11] the respective representatives of Chile, Argentina, Uruguay and Brazil, four countries whose clubs would go on to become the dominant powers of South American football, aggregately winning all Copa Libertadores from 1960 to 1978 and over 90% of the Copa Libertadores from 1960 to the present day.

Notes: Additional notes: Players who were considered big names at the time participated in the tournament: Labruna, Loustau, Norberto Yácono, Di Stefano, Moreno and Nestor Rossi for River Plate; Ademir Menezes, Chico and Moacir Barbosa for Vasco da Gama; José Santamaría at the age of 19 was part of the Nacional squad, which Luis Volpi had joined a year earlier after a short spell with Inter Milan.

In interviews to the Brazilian sports TV programme Globo Esporte in 2015 and Chilean newspaper El Mercúrio in 2018, French journalist Jacques Ferran (recognised by UEFA as one of the founding fathers of the UEFA Champions League, together with Gabriel Hanot)[15] said that the South American Championship of Champions was the inspiration for the European Cup: "How could Europe, which wanted to be ahead of the rest of the world, not be able to accomplish a competition of the same kind of the South American one?

However, in 1996 a CONMEBOL book, 30 Años de Pclub asión y Fiesta (30 Years of Passion and Party)[18] was discovered by Vasco da Gama executives.