#2 The Young Bucks
For years now, The Young Bucks have been the best tag team on the planet, and despite their loss at All Out, their record in All Elite Wrestling is still 3-1, so that makes them one of the favorites for this upcoming tournament. Given that they also work as Executive Vice Presidents of AEW, that also may work in their favor, and while we have them as a favorite, we just can't see them winning the tournament.
They are incredible performers, but having them win the titles would bring on too much criticism (in the same way that Cody or Kenny winning the first AEW World Championship would have), so don't expect that. This doesn't mean they'll go out in the first round, however, but the team that does dethrone The Young Bucks will be one that gets a huge push, so make sure to watch each match from this tournament intently.
#1 Lucha Bros
After defeating The Young Bucks at All Out, The Lucha Bros have all the momentum in the world, and combining this with their generational talent, Pentagon Jr. and Rey Fenix have to be considered favorites in this tournament. Despite it being their first win in All Elite Wrestling, the two put on an incredible performance to defeat the best tag team in the world, and given how hot they are, it wouldn't shock anyone to see them go all the way.
The two have primarily been singles wrestlers in their careers, but AEW are intent on pushing their tag team division heavily, so the duo will stay together for now, and AEW may want to get the most out of them as quick as possible. There are many dream matches for the two (including against each other) as singles stars, but for now, they are arguably the best team in the world, and you'd be a fool to bet against them in this tournament.