The lead competitors are the SAAB Gripen, Dessault Rafale, and the Boeing Super Hornet, with Super Bugs systems being their selling point, the Gripen’s short/rough field capabilities being their selling point, and the Rafale’s independence of US political restrictions being their selling point.
The down sides are, single engine for the Gripen, poor aerodynamics for the F/A-18E/F, and cost, lack of other export orders, and a relatively limited number of weapons qualified for carriage for the Rafale.
It appears that Brazil looks at this order as a way to expand its domestic aerospace capabilities through offsets and tech transfers, which probably would favor the French, who are desperate to get an export order.
This raises an interesting question: This is a large order, but just how many are one Brazilian?
Yeah, I know, lame joke.