Over the years, a number of big nations have been given the tag with varying degrees of success - ultimately defined by what they won and the legacy they left.
There are the great teams of old, such as the Netherlands' 'Total Football' side of the 1970s, or the pioneering Hungary team of the 1950s. Here, Flashscore looks at some of the most talented squads to take to the world stage in more recent years.
Belgium - 2016-2022
Belgium have had an array of elite talent come through their ranks over the last decade, including some of the world's best footballers like Kevin de Bruyne, Thibaut Courtois, Eden Hazard and Romelu Lukaku.
Their performances over time eventually lead to them reaching first in the FIFA World Rankings - but disappointing displays in major tournaments mean they have little to show for such a talented generation of players.
Finishing third at the 2018 World Cup was the high point, but the undoubted low was their elimination from the 2022 group stages - scoring just one goal.
They also had the chance to reach tine final four during Euro 2016 but were beaten in the quarter-finals by a far inferior Wales side.
This year was seen as the last chance for this generation of Belgium players to leave their mark, with many of the squad past their prime years and looking like a shadow of their former selves.
While they did reach heights that no Belgian side had before, supporters will be disappointed that the latest golden generation to grace world football came away winning nothing.
England - 2004-2010
Perhaps one that hits even closer to home after the Three Lions' latest defeat, but despite how good England have been in recent years under Gareth Southgate, there was a time when they had an arguably even better side.
During the 2000s, England boasted some of the most talented players in the world and in hindsight it could be argued that - on paper at least - they had one of the best squads in the national team's history.
Gary Neville, John Terry, Rio Ferdinand, Ashley Cole, Frank Lampard, Paul Scholes, Steven Gerrard, Frank Lampard, Michael Owen and Wayne Rooney are just a handful of players who were available for the national team from 2004-2008 (and some beyond that to 2010).
Remarkably, despite that array of talent, the Three Lions failed to win anything or even live up to expectations in any of the major tournaments they played in.
They failed to get past the first knockout round at Euro 2004, lost in the quarter-finals at the 2006 World Cup, didn't even qualify for Euro 2008 and were eliminated at the round of 16 during the 2010 World Cup.
Despite having some of the best players to have ever played for the national team, England's squad failed to live up to the lofty expectations placed on them.
Time will tell if the new crop of players coming through under Southgate will exceed the expectations put on them, with many quick to label them the next golden generation for the Three Lions.
France - 1998-2006
France won the World Cup on home soil in 1998 before going on the win Euro 2000 two years later, bringing them up to number one in the FIFA World Rankings.
Their side featured the likes of Laurent Blanc, Emmanuel Petit, Patrick Viera, Marcel Desailly, Didier Deschamps, Zinedine Zidane, Robert Pires, David Trezeguet and Thiery Henry - all of which are widely regarded as legends of French football.
What stops this generation of France players from being regarded as the very best was the 2002 World Cup that followed after.
Despite success at the previous two tournaments, they were eliminated during the group stage and failed to win a single game as they finished last in their group.
They then crashed out of Euro 2004 in shocking fashion by losing to eventual winners Greece in the first knockout round and ultimately failed to redeem themselves further down the line at the 2006 World Cup - losing the final against Italy on penalties.
While that France side did experience some lows, winning the World Cup in their own country and then the Euros just two years later is no easy feat and deserves a lot of praise - with only one nation doing better than that in recent years.
Spain - 2008-2012
The ultimate golden generation, Spain's side from 2008-2012 had both legendary players and the success to go with it.
Before getting into who was part of the squad you just have to look at what they won.
Back-to-back European Championship wins in 2008 and 2012 came either side of a first-ever World Cup triumph in 2010 as La Roja dominated the international stage for a long period of time.
Their squad featured incredible goalkeepers like Victor Valdes and Iker Casillas, defensive talents such as Carles Puyol, Gerard Pique and Sergio Ramos, as well as midfield legends in Xabi Alonso, Sergio Busquets, Andres Iniesta, Xavi, Cesc Fabregas and David Silva.
To top it all off, their squad included attackers like David Villa, Pedro and Fernando Torres, who all contributed to the success of the national team.
Perhaps what helped Spain most was the fact that the majority of their players all played for the same club - with Valdes, Puyol, Pique, Busquets, Iniesta, Xavi, Villa and Pedro all starring for Barcelona at the same time that the national team won so many trophies.
