at national team level it is the fifa world cup, which itself is considered to be world's greatest sporting event, even better than the summer Olympics.
at club level it depends on the continent of the club, you see every continent's got a continental championship whose competing teams are the country's champions and/or runner-ups. generally the European competition, known as the uefa champions league is regarded as the most prestigious, with the south American copa libertadores as the second in importance. there's also something called the fifa club world cup, on which competes the winner of these continental cups, and the winner of this cup is dubbed the "world champion", but most people consider the continental cups to be more important and prestigious
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