Russian players react after beating Brazil, 75-74, in Olympic competition. (NBC)

Russia and Brazil offered the best game of the 2012 London Olympics so far. Most of the preliminary basketball games have been blowouts, but not this one. From start to finish, the game went back-and-forth and you’ll never see a better final minute of action in any Olympics hoops game.

It started with a turnover by Brazilian point guard Marcelo Huertas that gave the ball back to Russia with 44 seconds left and down by three. Russia guard Alexey Shved, who will play for the Minnesota Timberwolves in 2012-13, tied the game at 72 with a clutch 3-pointer from the wing.

After a timeout, Huertas atoned for his earlier mistake and put Brazil ahead 74-72 with six seconds left on a clever off-balance scoop shot off a screen from Nene, the starting center for the Washington Wizards.

Russia coach David Blatt, who is an American-Israeli, drew up a beautiful sideline play that set up the game-winner. Shved inbounded the ball to a cutting Vitaly Fridzon, who was able to launch a 3-pointer despite being knocked off balance by Brazilian guard Leandro Barbosa.

Barbosa, who played for the Toronto Raptors last season, may have been trying to foul Fridzon before the shot, but the Russian foiled that plan and buried the dagger 3-pointer despite having his feet taken out by a diving Barbosa. Fridzon gave Russia a 75-74 lead with four seconds left. Brazil had one last desperation heave at the buzzer, but Barbosa’s shot hit the backboard and never had a chance of going in. Russia survives and stays undefeated with a one-point victory.

Andrei Kirilenko, who signed with the Minnesota Timberwolves, led Russia with 19 points. Tim Mozgov (Denver Nuggets) had 18 and Shved finished with 17. Barbosa led Brazil with 16 points.

Manu Ginobili has been the face of Argentina's national team for more than a decade. (FIBA)

Since stunning a United States team loaded with NBA players in the 2002 World Championships in Indianapolis and capturing the gold medal at the 2004 Olympics, Argentina has been universally recognized as a powerhouse in FIBA competition.

Led by San Antonio Spurs guard Manu Ginobili, arguably Argentina’s greatest player, the South Americans have been a fixture in the medal rounds in the Olympics and World Championships for a decade. But since its fourth-place finish at the 2006 World Championships, Argentina appears to have lost some of its magic as its core group continues to log serious mileage.

Argentina is currently No. 3 in the FIBA world rankings, only behind the United States and Spain. Despite its top-five standing, Argentina is no longer a cinch to win a medal in the 2012 Olympic Games in London as Greece, Lithuania, Turkey, Italy, France and Brazil – the team Argentina defeated in the championship game of the the 2011 FIBA Tournament of the Americas – are hot on its tail and have more young talent in their programs.

Argentina’s big names are still there: Ginobili, Luis Scola, Fabrico Oberto, Andres Nocioni, Pepe Sanchez and Carlos Delfino. Ginobili and Scola are still regarded as two of the best players in the world, but the rest of the squad is looking very old and there seems to be a drought in terms of young talent in Buenos Aires.

Ginobili turned 34 this summer and Scola is 31. At 36, Oberto is way past his prime and even though Nocioni is two years younger than Ginobili his reckless style has caught up with him and his legs seem like they are ready to retire. Delfino is one of the youngest frontline players on the roster and he’s 29.

The 2012 Olympics will more than likely be this group’s last hurrah. Ginobili could try for another Olympic run in four years, but he’ll be 38 and his body may prevent him from playing. Scola doesn’t rely on athleticism so he may still be an effective player in four years. But for the rest of the core players, four years is a very, very long shot.

While the Argentines continue to hang their sombreros on international vets, the other South American hoops powerhouse, Brazil, has rebuilt its program behind a familiar face. Ruben Magnano, who guided Argentina to a gold medal in the 2004 Athens Olympics, was brought in to coach Brazil in 2010. A year later, Magnano has the Brazilians playing their best ball since the Oscar Schmidt era, earning one of the automatic qualifying berths for the 2012 Olympics after reaching the final of the 2011 FIBA Americas.

What was more impressive about Brazil’s run in the FIBA Americas was it reached the final without the help of NBA stars Leandro Barbosa, Nene and Anderson Varejao, who all decided to skip the tournament.

While Argentina leans heavily on Scola and Ginobili on offense, Brazil has a more balanced approach that features the playmaking skills of point guard Marcelo Huertas, who plays for Regal FC Barcelona. Spurs center Tiago Splitter is the only NBA player on Brazil’s roster at FIBA Americas, but he has had minimal impact offensively. The Brazilians have won eight of nine games, including an impressive 73-71 victory over Argentina. Its only loss came against the Dominican Republic in the early round, but it avenged that loss in the knockout round by defeating the Dominicans (led by Al Horford, Francisco Garcia and Charlie Villanueva), 83-76, in the semifinals.

Argentina had a much tougher matchup in the semis, but it managed to squeeze past a rugged Puerto Rico squad (led by J.J. Barea and Carlos Arroyo), 81-79, behind 27 points from Scola and 23 from Ginobili. Scola saved his best for last as he poured in 32 points to power Argentina to a 80-75 win over Brazil in the final.

As long as Scola and Ginobili are healthy, Argentina remains a powerful force and medal contender.