Later on Saturday, two-time World Cup champions Uruguay battle reigning European champions Portugal as slim +180 chalk, while Sunday's action has Spain taking on host nation Russian Federation as a heavy -180 bet, and the surprising squad from Croatia clashing with Denmark as -120 favourites.
Ronaldo, who will be 37 by the time of the next World Cup, was unable to keep Portugal alive despite incessant pressure from his side in the dying stages of the match.
Cavani picked out Suarez on the left with a cross-field ball, before continuing his run into the penalty area and meeting the Barcelona striker's return delivery at the back post, the ball smacking off his face and flying in.
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Skipper Virat Kohli and the in-form KL Rahul batted together in adjacent nets against spin and pace respectively. Although their margin of defeat in the 1st T20I was 76 runs, the home side were quite impressive.
Portugal coach Fernando Santos threw up his hands in disgust, realising that coming from behind a second time against this Uruguay defence was going to be a tall order. "We have a young and ambitious squad", he said. The two-time World Cup champions have posted wins in each of their past four Round of 16 matches, but will need more production from superstar Lionel Messi, who has scored just once since opening the tournament as a +1000 co-favourite on the Golden Boot odds.
"He is their leader, their captain".
The Pavon-Messi partnership would add more movement to the Argentine side in general, something which they have struggled with in their three games so far.
Ronaldo had the opportunity to stake his claim as the GOAT at the World Cup following Messi's elimination but he, too, is being sent home after Portugal lost 2-1 to Uruguay courtesy of a dazzling Edinson Cavani display.