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Southgate took charge in 2016 and oversaw 102 games, leading the team to the World Cup semifinals in 2018 as well as the Euros finals in 2021 and 2024.
Oyarzabal finished off a swift counter-attack for the winning goal as Spain were crowned champions, having won all seven games they played in the tournament.
With lightning wingers Nico Williams and Lamine Yamal, who turned 17 on Saturday and is the youngest scorer at a Euros or World Cup, ripping up defences and able to score and provide assists, England's full-backs will have their hands full.
The seamer, aged 41 years and 348 days, finished with 704 wickets in international cricket.
Van Dijk, who turned 33 on Monday, said he would spend the next weeks figuring out his next career steps after nine years, and 75 caps, in the Netherlands team, plus with a single season left on his contract at Liverpool.
With the match looking set for extra time, Watkins received a pass from fellow sub Cole Palmer and fired a sweet strike into the far corner.
The 55-year-old was appointed for the interim post after Englishman Chris Silverwood resigned last week as Sri Lanka head coach.
Manuel Akanji missed for Switzerland while England converted all five in shootout.
England's Jude Bellingham was slapped with a fine for a crotch-grabbing gesture at Euro 2024.
Bellingham's moment of inspiration five minutes into six added on in stoppage time breathed new life into Gareth Southgate's reign as England boss.