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DEFENDERS:
Savage Hulk
Silver Surfer
Dr. Strange
Valkrie
Namor the Sub-Mariner

VS

INFINITY WATCH: (no gems!)
Drax the Destroyer (2nd incarnation)
Adam Warlock
Moondragon
Gamora
Pip the Troll

Unless this is current Adam Warlock, the Defenders win.

No Gems for all of them, or does Adam keep his? What about post Gem powers for Pip and Moondragon (teleportation and TK)? What, no Thanos? Original or remade bodies for Pip and Gamora (big strength and toughness diference)?

With none of the above, I'll lay odds on the Defenders. It's not a done deal, but the Defenders have a huge raw power advantage. Or course there's still Gamora's dagger... you never know.