Okay, I gave this a lot of thought since I saw the teams posted, and I just can't come to a different conclusion: Team 1 is most likely gonna win.
First off, it's almost impossible to stop Cobalion from setting up SR and making Snorlax's and Rotom-F's lives miserable, since the only way I see it happening is if it's in a lead matchup against Nidoqueen and Cobalion goes for Taunt while Queen attacks.
Then there's the fact that Abomasnow can't really do much in this battle, not being able to set up on anything except on a Flygon locked into Earthquake (which really shouldn't happen). If it were an offensive version with Ice Shard, it could actually revenge kill Outraging Flygon and Zapdos at around 50% health, but it isn't so it's off the point.
I also think that Gothorita will struggle to get a setup fodder, the only things he could trap to set up screens are Flygon locked into Fire Punch (which also shouldn't happen) or Chandelure locked into HP Fighting, completely unnecessary to beat Snorlax. Of course, he can trap Roserade, but Rosey outspeeds and will just set up three layers of Spikes before dying, so I don't know if it's a good thing to do.
Finally, like everyone who voted for Team 1 has said, Snorlax just has too much pressure on its hands, with Specs Chandy and LO Zapdos weakening it. Sure, Zapdos can be checked by Nidoqueen, but she can't really take two Heat Waves after SR and Hail, so she's a good check at best. Snorlax does have the ability to KO everything on Team 1 with the right prediction—and provided Cobalion is weakened enough—but it won't be safe spamming any move in particular, so it's not half as threatening as it was on Round 1. The fact that Swampert is invaluable for Raikou doesn't really help, because it'll be hard pressed to actually set up SR, funnily.
With all of that in mind, I think that Team 2 could stand a chance at winning with proper care, since after Cobalion is down nothing will like taking Modest Blizzards (Chandy is 2HKOed after SR). Even then, though, nothing is stopping Flygon from revenge killing, and Outrage spamming could end the game right there.
I'd like to nominate Pokemazter and Jabba.