The effect of Gd doping and O deficiency on the electronic structure, exchange interaction, and Curie temperature of EuO in the cubic and tetragonal phases is studied by means of density functional theory. For both defects, the Curie temperature is found to exhibit a distinct maximum as a function of the defect concentration. The existence of optimal defect concentrations is explained by the interplay of the on-site, RKKY, and superexchange contributions to the magnetism.