(CNN) The unprecedented twin investigations into FIFA have demonstrated that the opaque organization is subject to the law, not above it.

The Swiss are looking into the controversial 2018 and 2022 World Cup soccer bids, which awarded the games to Russia and Qatar, respectively.

The Americans have outlined a case that sounds like a mafia movie script, with allegations of fraud, racketeering and money laundering over a period of more than 20 years. Several senior FIFA officials are among the defendants facing extradition from Europe, South America and the Caribbean.

"This really is the World Cup of fraud," said Richard Weber, head of the Internal Revenue Service's Criminal Investigation division.

Soccer is the most popular sport in the world, with 240 million people regularly playing the game, according to a FIFA estimate. Even in the United States, traditionally considered indifferent to soccer, interest is growing. More Americans watched last year's U.S.-Portugal World Cup game than watched the 2014 NBA Finals or baseball's 2013 World Series.

The bombshell announcement of the U.S. indictments was met with the sense that somebody was finally doing something substantial about the corruption allegations that have dogged soccer's global gatekeeper for years.

"We could make a case that this is the biggest sports bust in history today," USA Today Sports columnist Christine Brennan told CNN. "This is historic. This is monumental."

So, what comes next in the investigations?

Here are some of the key questions:

What will happen with the extraditions?

Seven of the 14 defendants wanted by U.S. officials were arrested Wednesday in Zurich, Switzerland, said U.S. Attorney General Loretta Lynch. The majority of them are contesting extradition to the United States, according to Swiss authorities.

The battle is set to play out in Swiss courts.

"I think there's a very good chance there will be extradition," said CNN legal analyst Paul Callan. He noted that Swiss authorities refused to extradite filmmaker Roman Polanski to the United States in 2010, but Polanski's case is still rumbling on in the Swiss courts.

"There are always outs under these extradition treaties," Callan said.

Extradition proceedings have also begun in Argentina and Trinidad and Tobago for defendants named in the U.S. indictment.

Are there more arrests in the pipeline?

U.S. law enforcement officials say they're not done yet.

The indictment unsealed Wednesday "is the beginning of our work, not the end" of an effort to rid global soccer of corruption, said Kelly Currie, acting U.S. attorney for the Eastern District of New York.

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The people indicted Wednesday were all linked to soccer in the Americas, but it was unclear where the investigation might focus next and whom it might target.

Swiss authorities, meanwhile, are conducting their own investigation into bidding for the 2018 and 2022 World Cups.

The Swiss aren't as far along in their investigation as the Americans, but officials said they suspect criminal mismanagement and money laundering took place during the selection process.

Authorities raided FIFA's head office in Zurich on Wednesday, seizing electronic data and documents. Police plan to question 10 members of FIFA's executive committee who took part in voting in 2010 on the World Cup bids.

Will the Russia 2018 and Qatar 2022 World Cups be moved?

That still seems unlikely at this point.

FIFA has already announced the results of its own investigation into the bidding process for the two competitions, saying it found no corruption and had no reason to reopen the bidding process. (But Michael Garcia, the American lawyer who led the investigation, said FIFA's public summary of his report was "incomplete and erroneous.")

Photos: Qatar 2022: The unanswered questions Photos: Qatar 2022: The unanswered questions The most controversial World Cup ever just got a whole lot more controversial. ... Hide Caption 1 of 10 Photos: Qatar 2022: The unanswered questions When Manuel Neuer lifted the World Cup trophy after helping Germany win the 2014 final, he did so in the month of July. But when the 2022 World Cup final is staged, it's likely the final will take place in December. Hide Caption 2 of 10 Photos: Qatar 2022: The unanswered questions English Premier League boss Richard Scudamore isn't very happy about the proposed rescheduling of the 2022 World Cup. "Very disappointed that's the word, I think, on behalf of the all the European leagues and particularly the European clubs who provide most of the players for this World Cup," he said in a statement. Hide Caption 3 of 10 Photos: Qatar 2022: The unanswered questions A World Cup tournament in November and December presents particular problems for the English Premier League because, unlike Germany, France, Italy and Spain, it does not have a winter break. Hide Caption 4 of 10 Photos: Qatar 2022: The unanswered questions A "winter" World Cup will create a fixture headache for Europe's major tournaments -- the Champions League and the Europa League -- which stages group games in those winter months. Hide Caption 5 of 10 Photos: Qatar 2022: The unanswered questions However, European governing body UEFA, whose president is Michel Platini, issued a statement supporting the FIFA task force's recommendations. Hide Caption 6 of 10 Photos: Qatar 2022: The unanswered questions Players union FIFPro said a switch to the winter months is the only viable solution to protect the health and safety of the players who will be competing at the 2022 World Cup. Hide Caption 7 of 10 Photos: Qatar 2022: The unanswered questions But a World Cup in November and December is good news for the NFL, as it now won't clash with the Super Bowl. This year's final was staged on February 1. Hide Caption 8 of 10 Photos: Qatar 2022: The unanswered questions FIFA told CNN that the 2022 World Cup final would not be held on Christmas Eve or Christmas Day. Hide Caption 9 of 10 Photos: Qatar 2022: The unanswered questions A final decision on when the tournament will be staged will be made at a meeting of FIFA's executive committee between March 18 and 19. Hide Caption 10 of 10

FIFA spokesman Walter De Gregorio said Wednesday that the two World Cups would go ahead as planned despite the Swiss investigation.

Holding the 2022 World Cup in the desert emirate of Qatar has already drawn criticism over the treatment of the migrant workers laboring to build the stadiums for the competition.

Officials have also had to change the dates of the tournament to the winter to avoid Qatar's sweltering summer heat, raising potential scheduling headaches for other soccer competitions around the world.

Qatar beat the United States and other nations in the bidding for the 2022 World Cup. Australia, one of the other countries to lose out, has been outspoken in its criticism of the tournament dates being switched.

Will FIFA's big election go ahead this week?

The arrests of FIFA officials in Zurich were rich in dramatic timing. They took place as representatives of the world soccer body's member associations were congregating in the city ahead of the organization's annual congress Friday.

Photos: FIFA officials face corruption charges Photos: FIFA officials face corruption charges Five-star hotel Baur au Lac – A number of FIFA officials were arrested Wednesday at the five-star hotel Baur au Lac in an early-morning raid. Prosecutors have issued arrest warrants for 14 people in the corruption probe and the U.S. investigation targets alleged wrongdoing over 24 years. The charges range from money laundering to fraud and racketeering. Hide Caption 1 of 10 Photos: FIFA officials face corruption charges Eugenio Figueredo – The 83-year-old Uruguayan is a FIFA vice president and executive committee member. Figueredo is a former South American Football Confederation (CONMEBOL) president and ex-Uruguayan soccer federation (AUF) president. Hide Caption 2 of 10 Photos: FIFA officials face corruption charges Jose Maria Marin – Brazilian Jose Maria Marin, 83, is a member of the FIFA organizing committee for the Olympic football tournaments and a former Brazilian Football Confederation (CBF) president. Hide Caption 3 of 10 Photos: FIFA officials face corruption charges Rafael Esquivel (left) – The 68-year-old Rafael Esquivel is a current CONMEBOL executive committee member and Venezuelan soccer federation president. Hide Caption 4 of 10 Photos: FIFA officials face corruption charges Jeffrey Webb – The 50-year-old Jeffrey Webb is a FIFA vice president and executive committee member, CONCACAF -- the North American regional body for the world governing body -- president, Caribbean Football Union (CFU) executive committee member and Cayman Islands Football Association (CIFA) president. Hide Caption 5 of 10 Photos: FIFA officials face corruption charges Nicolas Leoz – The 86-year-old Paraguayan Nicolas Leoz is a former FIFA executive committee member and CONMEBOL president. Hide Caption 6 of 10 Photos: FIFA officials face corruption charges Eduardo Li – Costan Rican Eduardo Li, 56, is a current FIFA executive committee member-elect, CONCACAF executive committee member and Costa Rican soccer federation (FEDEFUT) president. Hide Caption 7 of 10 Photos: FIFA officials face corruption charges Jack Warner – Born in Trinidad and Tobago, the 72-year-old Jack Warner is a former FIFA vice president and executive committee member, CONCACAF, Caribbean Football Union (CFU) president and Trinidad and Tobago Football Federation (TTFF) special adviser. Hide Caption 8 of 10 Photos: FIFA officials face corruption charges FIFA is due to hold a presidential election on Friday. Hide Caption 9 of 10 Photos: FIFA officials face corruption charges Corruption allegations relating to the bidding process for the 2018 and 2022 World Cups, awarded to Russia and Qatar respectively, have damaged FIFA and by extension Blatter's credibility. Hide Caption 10 of 10

The FIFA gathering, which this year includes a presidential election, appeared to have helped U.S. authorities by enabling them to have a large number of the defendants rounded up in the same extradition-friendly country.

The announcement of the U.S. and Swiss investigations prompted the executive committee of UEFA, European soccer's governing body, to call for the congress to be postponed and election to be held at some point in the next six months.

UEFA leaders said European soccer associations would have to "consider carefully if they should even attend this Congress" and would be holding a meeting Thursday to "decide on what further steps need to be taken to protect the game of football."

But FIFA's De Gregorio insisted Wednesday that the congress was sticking to its agenda.

The question is whether any of the other members or confederations will follow UEFA's lead.

Is Sepp Blatter going to win again?

Despite the scandal rocking FIFA, its incumbent president, who's held the top job for 17 years, appears set to maintain his grip on power.

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Bookmakers still have Sepp Blatter as the firm favorite to defeat his only remaining challenger , Prince Ali bin Al Hussein of Jordan, and secure a fifth term.

Blatter is not one of those arrested or facing charges from U.S. authorities, but he was among those investigated.

Asked if the U.S. investigation had cleared Blatter, Lynch said, "I'm not able to comment further on Mr. Blatter's status." Officials said earlier Wednesday that the investigation into Blatter's possible involvement continues.

The Swiss agency that ordered the arrests of the seven facing extradition to the United States does not plan to question Blatter for now, a representative of the office said.

The office "will not question Mr. Blatter as he is not one of those detained, or in custody, and we are the ones who are responsible for extraditing the people we arrested," the representative said Thursday.

Blatter is "calm" and "fully cooperative" with the separate Swiss investigation into the 2018 and 2022 World Cup bids, De Gregorio said.

"He is not a happy man, he is not saying, 'Everything's cool,' " but he is glad the process is taking place because it is good for the organization, De Gregorio said.

Ali said Wednesday that FIFA needs leadership "that accepts responsibility for its actions and does not pass blame. Leadership that restores confidence in the hundreds of millions of football fans around the world."

How are FIFA's lucrative sponsors going to respond?

Some of the biggest corporate names associated with soccer have already spoken out

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In a strongly worded statement late Wednesday, Visa called on the world's premier soccer organization to "take swift and immediate steps" to clean up its act.

"It is important that FIFA makes changes now," Visa said. "Should FIFA fail to do so, we have informed them that we will reassess our sponsorship."

Earlier, another major sponsor, Coca-Cola, said the "controversy has tarnished the mission and ideals of the FIFA World Cup." The company said it has "repeatedly expressed our concerns about these serious allegations."

Other multimillion-dollar sponsors, including Adidas, McDonald's and Budweiser's parent company, Anheuser-Busch, also issued statements saying they were in contact with FIFA.

But it remains to be seen if any of them would go as far as severing ties.