Brazil came into the World Cup as the tournament favorite while Chile weren't even picked to get out of Group B.
While the hosts did not look impressive in their first two group matches, they appeared to hit their stride against an overmatched Cameroon team.
That performance added a bit more hype to Brazil, and they are bigger favorites than they should be facing Chile in the round of 16.
Sportsbooks monitored by Odds Shark had Brazil as 8-13 favorites and Chile at 5-1 with a draw line of 16-5.
Chile came in second in their tough group, which included 2010 champion Spain and Holland. Their defense led them to a win over Spain, and they played well in a 2-0 loss to the Dutch.
While Brazil striker Neymar has been opportunistic with four goals in three matches, Fred and Oscar have been mediocre. Oscar is the leader of the midfield and must play better in this match.
Brazil have not played a great attacking squad in this tournament. While Chile does not have a dynamic attack, they scored five goals in their first two group matches before losing to Holland, 2-0.
Dani Alves, who has not looked great in the World Cup, leads the defense that has only conceded two goals. They must key on Chilean attacker Alexis Sanchez from Barcelona.
In 15 matches between these two South American squads, Brazil have 13 wins, one loss and one draw. In those matches, Chile have conceded an average of 2.81 goals per match.
While Chile have not had much success against their South American neighbors, the last two matches resulted in a 2-2 draw and a 2-1 loss.
Chilean captain and keeper Claudio Bravo will be under attack the whole match, and the defense and midfield have to look for counter-attack chances. The Chile squad may want to take a page from Mexico's successful blueprint that led to their 0-0 draw facing Brazil.
That strategy was tightly marking Neymar the whole match and attacking only when the opportunity safely presented itself.
Brazil showed what they could do in their easy win over Cameroon, but can they play like that facing Chile? Will the pressure of the knockout stage be too much, or is the team just waiting to erupt?
Expect Chile to play much like they did in the Holland match, settling into a defensive posture. If they can remain patient and bend but not break under the expected early onslaught, they can pull off the huge upset here.
Chile vs. Brazil prediction: 2-1 Chile
Stats and odds courtesy of Odds Shark.