Then there were three. 

If ever there was a season to point to as to why the EPCR Challenge Cup is such a useful exercise for the clubs that miss out on Champions Cup action, then this is it.

Entering Round 4, Montpellier, Benetton and Stade Francais remain unbeaten atop their respective pools. All three outfits come into the final round in a position to lock in a home knockout berth through to the semifinal stage.

Standing in their way, are three formidable opponents, two of which - Ulster and the Ospreys - will clinch top spots in their respective pools with a win.

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The odd one out is Benetton, which will face Top 14 side Lyon, a finalist in last season’s competition, but currently rooted firmly to the bottom of Pool 2.

Thus, the only logical options for the must-watch matches in Round 4 involve all three of the top-ranked sides and their key contenders.

So, without further ado, let’s get into the action.

Ulster Rugby vs. Stade Francais – Affidea Stadium, Belfast

Pool 3's heavy-hitting duo comes into this clash in a straight shootout for the top spot following a pair of five-point victories in Round 2.

Ulster Rugby will be primed and ready for its Top 14 rivals having enjoyed a bye week of sorts in Round 3 due to their canceled fixture against the Cheetahs. Unfortunately for the South African side, their designated home stadium in Amsterdam was deemed unplayable due to freezing conditions.

This no show automatically handed Richie Murphy’s side a five-point win as the visiting team due to the issue being out of their control.

Conversely, Stade Francais overhauled a 22-0 deficit against the Exeter Chiefs to pull off the most unlikely of late comebacks, winning 27-25 at Stade Jean Bouin. Slotting a 76th minute penalty, replacement fly-half Leo Barre was the hero for the Parisians.

To date, the only blemish on the record of either side was Ulster’s head scratching 29-26 loss to Cardiff in December. 

With just 15 minutes remaining, Ulster held a 26-12 lead, only to see Callum Sheedy land an overtime penalty that added an exclamation mark to Ulster’s capitulation.

Since then, Ulster has lost just once in a narrow 24-20 defeat to Leinster at the Aviva Stadium in another match that featured a two-score lead. 

Murphy’s side has shown great maturity to park that frustrating fortnight to secure back-to-back derby wins over Connacht and Munster to go along with their free five points against the Cheetahs.

In the same time frame, Stade has won three of its five fixtures, with one loss to Bayonne and a draw against crosstown rival Racing 92.

Both sides have named strong lineups for this clash, with USA Eagle Jack Iscaro starting in the front row for Stade Francais.

Where Stade’s selection stands out most is in the midfield, where powerhouse Tani Vili partners with the slick playmaker that is Jeremy Ward. This pair will be utterly crucial to the visitors’ hopes of cracking what, to date, has been a resolute Ulster defense under coach Willie Faloon.

Murphy has recalled several of his key Irish internationals, namely Robert Baloucoune, who returns from injury. Baloucoune starts ahead of the highly impressive Werner Kok, who is rested.

Completing the back three is the electric pairing of Zac Ward and Jacob Stockdale, who both have been in red-hot try-scoring form this season.

In terms of a key head-to-head, look no further than the jumbo-sized midfield battle between Vili and Stuart McCloskey.

Both inside centers tip the scales around the 112-kilogram mark, and they're both renowned as direct runners who are top-quality offloading threats.

Eight years his opponent’s senior, 33-year-old McCloskey is the presumed starting inside center for Ireland come the Six Nations opener against France in Paris. This clash with a big, physical French center in Vili is the perfect audition for McCloskey to cement the narrative that he is Ireland’s first choice irrespective of opponent.

Ospreys vs. Montpellier

Mirroring our first match of the round to watch, our second fixture consists of a URC team looking to overthrow a Top 14 rival at home to secure top seeding.

In the case of the Ospreys vs. Montpellier, the one key caveat is that the home side likely will need a bonus-point win to take the top spot due to the points difference between the two sides.

For the Welsh outfit, its points difference of 10 has been built on two relatively tight victories in Round 1 and Round 2, where the team overcame a 21-point deficit to beat Connacht before sliding past Montauban 33-22.

Last time out, however, it was an altogether different story when the squad came unstuck against Italian outfit Zebre 23-19. This loss to a URC rival instantly ratcheted up the need for a big-time showing in Round 4 to not only progress, but ensure a home knockout match in the Round of 16.

Sitting precariously close to dropping as far as fourth, with both Connacht and Zebre set to play fixtures in which they are expected to gain bonus-point victories, this clash has the potential to be make or break for Mark Jones’ side in this season’s Challenge Cup.

Conversely, Montpellier will arrive in Bridgend brimming with confidence courtesy of a comeback win over Connacht at home in Round 3. This victory affords them some leeway in Round 4, where a bonus point of any kind secures the top spot in the group.

Unwilling to take too many chances, Montpellier has named a strong side for the encounter, which the Ospreys have responded to with a strong lineup of their own.

Leading the home side is Australian-born, USA-eligible playmaker Jack Walsh, who gets the nod in the No. 10 shirt, with Welsh international Dan Edwards rested for the encounter.

Jacksonville-born Walsh also will become eligible for Wales just in time for the 2027 Rugby World Cup in Australia and will be keen to highlight his versatility against top-quality opposition.

In shifting from fullback to fly-half, Walsh will face off against another fullback in former Scottish international Stuart Hogg, who dons the No. 10 shirt for Montpellier.

For all of the flash across the respective backlines, it is the head-to-head of the No. 8s in this clash that catches the eye.

Starting for Montpellier, Australian international Langi Gleeson brings a top-quality distribution game to his pack. This ability to link with those around him accentuates the running threat of the Wallaby and is utterly central to Montpellier’s ability to get over the gainline.

Facing him is former Welsh Under 20 international Morgan Morris, who at 27 years old, knows that clashes like this are the ones that could shoot him into consideration for Steve Tandy’s Six Nations squad.

Unlucky not to feature for his national side over the years, Morris remains a consistent operator who, with veteran Taulupe Faletau set to be out injured, might well be in contention to square off with the likes of Aaron Wainwright for international game time.

Lyon vs. Benetton

Completing our lineup of table toppers who are under threat of slipping from their perch atop their groups is Italian side Benetton.

Unable to slip any further than second, Benetton will be determined to remain at the top of its pool, knowing that should other results go its way, Benetton could be the No. 1 overall seed.

Standing in the Italians’ way is what looks to be a near full-strength Lyon side that remains in contention for progression to the knockout stages, despite being winless.

Claiming two bonus points through the opening three rounds, Lyon somehow has remained in the fight, with third-place Perpignan just four points ahead.

Working in Lyon’s favor, the two sides immediately ahead in the standings - Emirates Lions and Dragons - both face tough challenges in Round 4.

For South Africa’s Lions, they travel to France to face Perpignan, while the Dragons take on the undefeated Newcastle Red Bulls. On both fronts, Lyon has a great chance of jumping as high as third, but more likely fourth, in the group.

Chief amongst Lyon’s weapons this weekend is Fijian star Jiuta Wainiqolo, who is among the best finishers in professional rugby in 2026.

Scoring 11 tries through his 14 matches this season, Wainiqolo has more than repaid Lyon’s big offseason swing when he was signed from Toulon.

The 26-year-old will not be the only flying Fijian worth watching this weekend, with Benetton’s Onisi Ratave being one of the more destructive ball carriers in the URC. Now 33 years old, Ratave might not quite have the pace of Wainiqolo, but he remains a powerful bowling-ball-style runner who occupies multiple defenders.

Away from the Fijian battle, Benetton’s Tommaso Menoncello will be looking to make himself known to Lyon ahead of his impending move to Toulouse next season. Regarded as one of the best centers in professional rugby, Menoncello is the heartbeat of Benetton Rugby.

His gainline crashing ability is a sight to behold, and if his side is to get past its strong Top 14 rivals, he will be instrumental.

How To Watch Investec Champions Cup In The USA

The Investec Champions Cup 2026 will be broadcast on FloRugby at the FloSports app.

Hollywoodbets Sharks vs. Clermont Auvergne

Saturday, Jan. 17 at 8 a.m. ET

Hollywoodbets Sharks

• Pool 1: 5th (5 pts)
• Record: 1-2
• Point Diff: −48

Clermont Auvergne

• Pool 1: 6th (0 pts)
• Record: 0-3
• Point Diff: −70

Watch: FloRugby

Toulouse vs. Sale Sharks

Saturday, Jan. 17 at 12:30 p.m. ET

Toulouse

• Pool 1: 4th (7 pts)
• Record: 1-2
• Point Diff: +24

Sale Sharks

• Pool 1: 2nd (11 pts)
• Record: 2-1
• Point Diff: +32

Watch: FloRugby

Glasgow Warriors vs. Saracens

Sunday, Jan. 18 at 12:30 p.m. ET

Glasgow Warriors

• Pool 1: 1st (15 pts)
• Record: 3-0
• Point Diff: +24

Saracens

• Pool 1: 3rd (10 pts)
• Record: 2-1
• Point Diff: +38

Watch: FloRugby

Investec Champions Cup Round 4 Fixtures

Friday, Jan. 16

• 3 p.m. ET – Pau vs. Vodacom Bulls (Pool 4)
• 3 p.m. ET – Bath Rugby vs. Edinburgh Rugby (Pool 2)

Saturday, Jan. 17

• 8 a.m. ET – Hollywoodbets Sharks vs. Clermont Auvergne (Pool 1)
• 10:15 a.m. ET – Bayonne vs. Leinster (Pool 3)
• 10:15 a.m. ET – Stormers vs. Leicester Tigers (Pool 3)
• 12:30 p.m. ET – Toulouse vs. Sale Sharks (Pool 1)
• 12:30 p.m. ET – Munster Rugby vs. Castres Olympique (Pool 2)
• 3 p.m. ET – Gloucester Rugby vs. Toulon (Pool 2)

Sunday, Jan. 18

• 8 a.m. ET – Bristol Bears vs. Bordeaux-Bègles (Pool 4)
• 10:15 a.m. ET – Northampton Saints vs. Scarlets (Pool 4)
• 10:15 a.m. ET – La Rochelle vs. Harlequins (Pool 3)
• 12:30 p.m. ET – Glasgow Warriors vs. Saracens (Pool 1)

Watch FloRugby's Round 4 Podcast Preview

European Union Rugby Lives On FloSports And FloRugby

Rugby fans can stream every match from the Top 14, Gallagher Premiership and United Rugby Championship on FloRugby, along with the Investec Champions Cup and EPCR Challenge Cup, making the platform the U.S. home for the world’s biggest club competitions and the game’s top players.

How To Watch Rugby Matches In The United States On FloRugby

Professional club rugby in Europe all streams on FloRugby and the FloSports app in the United States. FloRugby and FloSports also are the U.S. home to: 

• United Rugby Championship
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• Top 14
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• EPCR Challenge Cup
• Currie Cup
• Super Rugby
• And more

FloRugby also is home to match archives and match replays. 

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