Claim: The 1994 Copa CONMEBOL was the third edition of CONMEBOL's annual club tournament and teams that failed to qualify for the Copa Libertadores played in this tournament and São Paulo defeated Peñarol in the finals.
Evidence: The 1994 Copa CONMEBOL was the third edition of CONMEBOL's annual club tournament. Teams that failed to qualify for the Copa Libertadores played in this tournament. São Paulo defeated Peñarol in the finals. 
Uruguay Peñarol São Paulo Brazil 6–4 
Uruguay Peñarol Brazil São Paulo (1st title) Teams that failed to qualify for the Copa Libertadores played in this tournament. The 1994 Copa CONMEBOL was the third edition of CONMEBOL's annual club tournament.