The update weighs a little over 500MB and has a firmware version ending with AVK7. Once you’ve installed it, you can find the new Ball watch face in the Galaxy Wearable app with flags of countries participating in the FIFA World Cup 2022.
The new update also comes with the November 2022 security patch, and the changelog says it includes stability codes to improve the notifications and behavior of the watches.
If you haven’t received this update yet, you can head to the Galaxy Wearable app’s Watch settings > Watch software update > Home tab menu to check for it manually. But do note that it’s currently not available for the Galaxy Watch5 Pro’s LTE model.
Source (in Dutch)