Since it doesn't state weather or not BFR is allowed I'm going to assume it's not. (Worth mentioning though that Quasar, Nova, Beta Ray Bill, and Ronan can all teleport or open portals, so I don't see them being removed from the field for long.)
The only major advantage team 1 has is telepathy, but this is negated by Silver Surfer, Nova, Quasar, and Gladiator's, telepathic resistance, and that's not even mentioning Cosmo's own telepathic powers or that Ikon is a cyborg so telepathy might not work on her, I could be wrong but I've never seen Jean or any of the telepaths on team 1 affect a cyborg before.
And then for physicality no one on team 1 has the physical power to match any of the annihilators, Red She-Hulk is the strongest one on team 1 and she got easily beat by She-Hulk before, who is no where near anyone on team 2s level. As-far as versatility the only one on team 1 who's got plenty of that is Monica, and she can be defeated by SS, BRB, Quasar, or even Ronan.
At the end of the day there's not much team 1 can do to put down even a few of the Annihilators, much less the whole team whereas most of the annihilators individually could take out most of team 1.... The Annihilators win.