In the Champion's League?
Should be given to the defeated finalist first.
Apparently so mate. If the winner has already qualified for CL through their domestic league position then it creates an extra qualification place for that league.
In the EPL case it'll be 5 qualifying places instead of 4.
As you say though, it's pretty pointless when they continue to allow teams finishing 3rd in the CL group stages to go straight to the EL. If UEFA think it's unfair for them to drop out of European competition then create a new competition for all the 3rd and 4th placed losers
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