This competition exists out of two rounds, each with eight teams. The eight teams with the fastest times in either semifinal advance to the final. The fastest team in the final is the winner of the event.
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Sixteen teams qualified for the event with the United States as the favorites for the title, as the defending Olympic champions and reigning world champion. Australia seemed to be the closest challenger, though they were defeated by more than three seconds at the most recent world championships. Canada took a close bronze, with their times being approached by Great Britain at the recent European championships. Other potential medal contenders seemed to be ROC, Italy, Sweden, and China.