They came in with high hopes. They'll leave with a guaranteed $5,000. But it surely might have been such a lot more.

Brazil and Argentina are out of this year's Americas Cup of Poker, despite the most efficient efforts in their respective team captains, Andre Akkari and Nacho Barbero. The short format and Sit & Go structure meant that labelling anyone as "favorites" going into today would was a foolish gesture, but even so, with two LAPT final tablists in Ivan Raich and Javier Gordo, many had singled out Argentina as this year's team to overcome -- including Barbero.

But all isn't lost. They'll go into tomorrow's fifth place play-off with Team Brazil hoping to fasten up an additional $2,500 in prize money.

One team with loftier ambitions tomorrow could be that of Chile, who with a bit help from one of the crucial event's three female players, placed on the day's strongest showing to edge out Peru by a single point on the summit.

The win means Chile will go into tomorrow's decisive heads-up battles as top seed, where they'll play fourth placed Colombia. That leaves Mexico (third) to scrap it out with Peru (second) within the day's other match-up.

Each team will play five heads-up matches against the opposite. The primary to win three will advance to the semi-finals, after which final, where the juicy $32,500 first prize might be dished out. Until then, see below for the whole pay out structure and more photos from a loud day within the the Bahamas.

Americas Cup of PokerDate: January 11-12, 2014Entries: Six teamsPrize pool: $100,0001st: $32,5002nd: $25,0003rd: $17,5004th: $12,5005th: $7,5006th: $5,000

OUT: Brazil and Argentina

Humberto Brenes and Amos Ben hug it out

A lonely Arieb Ortega finds himself in a Colombian huddle

Celebrations a plenty for the fellows within the yellow and white of Colombia

Akkari and Team Brazil during happier times

Team Chile get some pre-match tactics at the go

The full 2014 Americas Cup of Poker cast

Team Peru and their adopted Costa Rican coach, Humberto Brenes

Team Mexico outside the Ballroom

Team Argentina before it hitting the rail a minimum of $5,000 richer

Team Chile, today's leaders

Stay tuned to the PokerStars Blog for more from the Americas Cup and do not forget to click through to live updates, features and interviews from the $10,000,000 guaranteed PCA Main Event.

The yellow, blue and red of Colombia show their colors

Keir Mackay is a copywriter for PokerStars.

Read More... [Source: PokerStarsBlog.com :: Americas Cup]