The reigning world and European champions tasted defeat for the second consecutive game in Brazil and are now out of the tournament after losing 2-0 at the Maracana
Those questioning their credentials were particularly vocal after the comprehensive 5-1 defeat at the hands of Louis van Gaal's Netherlands team, but they were confirmed after Chile heaped more misery onto the 13/2 (7.5) pre-tournament third favourites.
Chile have been cut to 20/1 (21.0) to win the competition with Paddy Power after collecting maximum points from their opening two games and they will battle it out to finish top of Group C in their final group game.
Vicente Del Bosque will be disappointed with his side and the manner of their performances, as they were outclassed for large portions of both matches, finding the net just once - a goal which came from the penalty spot.
Many Spain backers predicted that Diego Costa’s decision to play for la Roja would be the missing piece of the jigsaw in adding a prolific striker to their dominant possession. Sadly, that failed to materialise.
Brazil remain the market principles at 10/3 (4.33) with Argentina available at 4/1 (5.0) and Germany one of the biggest movers of the front running teams, having their price almost halved into 7/2 (4.50) after just one game having been as big as 7/1 (8.0) before the tournament got underway.
Netherlands are now a 10/1 (11.0) shots with France at 16/1 (17.0).
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Jim Knight is Chief Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast