It is the kind of situation that will make Pepsi itch for a reprisal of the fabled "Nothing Official About It" campaign of 1996.
At the moment, it looks likely that the beverages company will be left out in the cold as action hots up at the soccer World Cup starting next month in Germany - at least in India, Pakistan, Nepal, Bangladesh and Sri Lanka.
Coca-Cola India is an associate sponsor of ESPN-Star, the broadcast rights holder for this geographical spread. Coca-Cola Inc, on the other hand, has the in-stadia rights for the cup.
The two tie-ups have been used by the Atlanta-based Coke to put Pepsi and its constellation of brand ambassadors, who include David Beckham, Ronaldinho, Thierry Henry, Roberto Carlos and Raul Gonzales, on the advertising equivalent of the Bench.
Thus, Pepsi is likely to be kept out of not only the television advertising spots, but also in-stadia advertising.
For good measure, Coke has also tied up with sports gear and apparel maker Adidas, the official sponsor of the World Cup, to distribute soccer memorabilia through promotions and contests. This deal can plug a few more avenues for rivals to stage a comeback.
Even though cricket is the unchallenged number one sport in India, 75 million Indians watched on television the last soccer World Cup four years ago. ESPN-Star Sports managing director RC Venkateish is confident of breaking viewership records this time.
But Pepsi appears optimistic. "A significant part of Pepsi's communication and activation arises out of our ownership of the cricket platform. This is an exciting year for Indian cricket and our marketing initiatives are aligned accordingly," said Vipul Prakash, Pepsi's executive vice-president, marketing.