The 1995 Copa Libertadores final stages were played from 26 April to 30 August 1998 and consisted of the round of 16 (or second stage), quarter-finals, semi-finals and the finals. A total of 16 teams competed in the final stages to decide the champions of the 1995 Copa Libertadores.
The final stages had a one-month break between the quarter-finals and semi-finals due to the 1995 Copa América held from 5 July to 23 July 1995.[1]
Qualified teams
The winners, runners-up and third placed teams of each of the five groups in the group stage advanced to the round of 16, alongside defending champions Vélez Sarsfield, who received a direct bye to this round.
In the final stages, the teams were seeded according to the pre-established numbering they received according to the final position they occupied in their respective group. Numbers 1, 5, 9, 13 and 17 correspond to each group winners; numbers 2, 6, 10, 14 and 18 to runners-up; and 3, 7, 11, 15 and 19 to third placed teams.
In the round of 16, quarter-finals, semi-finals and finals, each tie was played on a home-and-away two-legged basis. If tied on points after the two legs the goal difference would be applied. if still tied, extra time was not played, and a penalty shoot-out was used to determine the winners.
In the event that the two Argentine teams from the group stage qualify for the round of 16, the lower-seeded team between these two would face defending champion Vélez Sarsfield in order to prevent three Argentine teams from reaching the quarter-finals.
If two teams from the same national association reached the quarter-finals, they had to face each other, and those teams that had to face them formed another tie under the same conditions.
If one or more games are settled in the quarter-finals between clubs belonging to the same national association, the Match S1 would correspond to the pair including the lower-seeding team. The following matches would be determined according to the same criteria.
In all cases in which the order of legs could not be determined, the lower-seeding team had to host the first leg. Defending champions Vélez Sarsfield had to host the second leg in the round of 16.
The above criteria were established to ensure that the four semifinalists would be of different nationalities (Regulations Section III, Article 3).
Bracket
The original bracket for the final stages was determined as follows:[2]
Round
Matchups
Round of 16 (Second stage)
(Home team in the first leg are marked with (L))
Match A: Team seeded 1 vs. Team seeded 11 (L)
Match B: Team seeded 5 vs. Team seeded 15 (L)
Match C: Team seeded 9 vs. Team seeded 19 (L)
Match D: Team seeded 13 vs. Team seeded 3 (L)
Match E: Team seeded 17 vs. Team seeded 7 (L)
Match F: Team seeded 2 vs. Team seeded 10 (L)
Match G: Team seeded 14 vs. Team seeded 6 (L)
Match H: Team seeded 18 (L) vs. Vélez Sarsfield(defending champions)
Quarter-finals
(Home team in the first leg are marked with (L))
Match S1: Winner A vs. Winner B (L)
Match S2: Winner C vs. Winner D (L)
Match S3: Winner E vs. Winner F (L)
Match S4: Winner G (L) vs. Winner H
Semi-finals
(Home team in the first leg are marked with (L))
Match F1: Winner S1 vs. Winner S2 (L)
Match F2: Winner S3 vs. Winner S4 (L)
Finals
(Home team in the first leg are marked with (L))
Winner F1 vs. Winner F2 (L)
Per regulations, the original bracket had the following modifications:
In the round of 16, Independiente and Bolívar swapped positions. Independiente had to faced Vélez Sarsfield in order to avoid three possible Argentine teams in the quarter-finals.
In quarter-finals, the two Argentine teams, the two Colombian teams and the two Brazilians teams had to face each other, and the order of the ties was rearranged according to the regulations.[3]
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River Plate 
Peñarol 
Cerro Porteño 
Caracas 
Millonarios 
Universidad Católica 
Palmeiras 
Emelec 
Sporting Cristal 
Bolívar 
