Answer
70
Work Step by Step
We try to find ways in which the first team can win and then multiply that solution with 2.
So for team 1 to win the competition, team 1 has to win 4 games and team 2 can win 0,1,2,3 games.
This can be done in C(7,3)= 35
Remember that C(7,3) already includes the cases when team 2 wins 0,1,2, times.
So total possible outcomes = 35$\times$2 = 70.