This marks the first trophy of Portugal manager Roberto Martinez's international career, after failing to win anything with Belgium's so-called golden generation.
The 2013 FA Cup with Wigan was his last piece of silverware - so could the Nations League save his job?
Balague said: "The rumour [that he will be sacked] has come from the federation of Portugal. A new president who has not chosen Roberto Martinez.
"We are reading the new president would like Jorge Jesus or Jose Mourinho to soon be the next manager, but how can you get rid of Roberto Martinez?"
Martinez took over as Portugal boss in January 2023, after the last World Cup, and is contracted until next summer to cover the 2026 World Cup.
"He has made Ronaldo a regular goalscorer again," continued Balague. "Ronaldo has a better percentage of goals per game than he has with any other manager.
"Basically, this just killed whatever plan there was to get rid of him. How can they get rid of him?"
While the Nations League is not the biggest tournament in the world, it is one of only three trophies European countries can win, excluding other minor competitions you can only enter by winning another trophy.
Carney added: "It was more so with the Belgium national team, going from that golden generation and going to this one - what's going to be different?
"There is something special about him.
"The players and Ronaldo have reacted positively to him.
"He will be judged, after this, at the World Cup. It would be terrible if he is replaced."