2025 Heisman Trophy Odds: Betting favorites see major shift after Nico Iamaleava transfer, spring portal window

The Spring transfer portal window has been open for less than a week and unexpected quarterback moves have created quite the ripple effect throughout the college football world. That impact was made clearer by a massive shakeup of FanDuel‘s updated betting odds on the favorites to win the 2025 Heisman Trophy.

Of course, that chaos began just prior to re-opening of the transfer portal after Nico Iamaleava opted to leave Tennessee amid a contract dispute over NIL compensation before formally committing to UCLA on Sunday. That prompted what many around the sport are calling the first official “trade” in college football after Bruins QB Joey Aguilar, the former Appalachian State transfer, re-entered the portal on Sunday and formally committed to the Volunteers the next day.

Following those moves, Iamaleava’s 2025 Heisman Trophy odds, according to FanDuel, plummeted from a tie for third overall at +1,100 in January to +8000 on Tuesday, slotting well behind Aguilar, whose own odds jumped from off the board to +4,500 after his transfer to Tennessee was announced Monday.

Check out how the Aguliar-for-Iamaleava trade further impacted FanDuel’s newly-updated Heisman Trophy odds here:

Garrett Nussmeier, QB, LSU: +800

While not exactly a shakeup at the top, Garrett Nussmeier did see a slight bump from the Vegas oddsmakers — up from +900 in January — following the latest portal frenzy. The LSU quarterback is now tied with Texas‘ Arch Manning as the odds-on favorite to win the 2025 Heisman Trophy.

Nussmeier returns for his second season as the Tigers’ QB1 after ranking second in the SEC with 4,052 yards on 64.2-percent passing and 29 touchdowns to 12 interceptions in 2024. If he can cut down on the turnovers, Nussmeier could easily secure his ticket

Arch Manning, QB, Texas: +800

It’s not a massive jump, but Vegas oddsmakers appear to be buying into the Manning hype coming out of Austin. They’ve bumped the Longhorns’ new QB1 from +950 in January into a dead-heat with Nussmeier as the odds-on Heisman favorite in April.

Appearing in a limited capacity as Quinn Ewers‘ backup last season, Manning combined for 1,047 total yards and 13 touchdowns. That’s including four rushing scores in 2024.

Cade Klubnik, QB, Clemson: +1000

FanDuel’s Top 3 Heisman favorites remain the same as the veteran Klubnik gets a slight bump from +1100 in January. But now, Klubnik stands all alone at No. 3 following precipitous drops from both Iamaleava and Penn State‘s Drew Allar.

In his second season as Clemson’s QB1, Klubnik ranked Top 10 nationally with 3,639 yards on 63.4-percent passing and ranked second in the ACC with 36 passing touchdowns and just six interceptions in 2024.

Jeremiah Smith, WR, Ohio State: +1200

FanDuel’s Heisman odds shakeup also saw talented Buckeyes sophomore receiver Jeremiah Smith get a nice boost from +1700 in January. He enters the Summer with the fourth-best odds and coming in just ahead of Ohio State‘s likely QB1, Julian Sayin.

As a true freshman, Smith more than lived up to his Five-Star Plus+ ranking after leading the Big Ten with 1,315 receiving yards and 15 touchdowns on 76 receptions in 2024. If he manages to elevate his game in 2025, especially with a new starting QB, Smith will remain a serious Heisman finalist contender.

Julian Sayin, QB, Ohio State: +1300

As mentioned, Sayin followed Smith into the Top 5 of FanDuel’s Heisman board after checking in with +1800 odds in January. Although he’s yet to be named Ohio State’s 2025 starting QB, Sayin more than made his case to be the guy following an impressive showing in the Buckeyes’ Spring game.

In the Spring game on April 12, Sayin completed 17-of-24 attempts for 175 yards and directed three-straight touchdown-scoring drives to begin the contest. This comes after appearing in four games in 2024, throwing for 84 yards and one touchdown on 5-of-12 passing last season.

Dante Moore, QB, Oregon: +1600

FanDuel’s Heisman Trophy shakeup now includes a four-way tie for the sixth-best odds. Rising Ducks sophomore Dante Moore leads a pack of uber-talented sophomore QBs after getting a boost from +2000 in January.

Moore, who redshirted in 2024 while playing behind Dillon Gabriel following a December 2023 transfer to Oregon from UCLA, is the next in line to direct the Ducks’ high-powered offense. The last two — Gabriel and Bo Nix — each earned NYC invites as Heisman finalists.

LaNorris Sellers, QB, South Carolina: +1600

Sellers, another elite rising redshirt sophomore, also gets a nice boost after landing at +2000 in January following a breakout performance in 2024.

The physically-gifted 6-foot-3, 245-pound Sellers combined for 2,929 yards of total offense and 24 combined touchdowns while leading the Gamecocks to an impressive 8-3 record during his first season as QB1, including 2,274 passing yards and 17 touchdowns through the air.

DJ Lagway, QB, Florida: +1600

The former No. 1 quarterback recruit in the 2024 class, Lagway cemented his status as a Heisman contender after stepping in for an injured Graham Mertz and leading the Gators to a 6-1 record in seven games last season.

But after missing much of Spring while rehabbing multiple offseason injuries, Lagway appears in the clear after Florida head coach Billy Napier said his rising sophomore QB will be “100-percent” before the start of preseason practice, which might explain his 900-point bump from +2500 in January.

Drew Allar, QB, Penn State: +1600

While others saw their Heisman odds get a nice boost, Allar’s dropped 500 points from a tie for third to a tie for sixth after landing at +1100 in January. The root of the Penn State senior QB’s fall isn’t exactly clear, but it could be attributed to heightened hype around his younger colleagues.

Nevertheless, the 6-foot-5, 235-pound Allar is the Big Ten’s most experienced returning starter after throwing for 3,327 yards on 66.5-percent passing and 24 touchdowns to 8 interceptions in 2024.

Carson Beck, QB, Miami: +2500

Following a transfer to Coral Gables, where Beck will look to repeat Cam Ward‘s one-year breakout in 2024, Beck has battled a difficult offseason that included rehabbing from UCL surgery, having two luxury cars stolen and a reported breakup with fellow ‘Canes athlete Hanna Cavinder.

Whether any of that contributed to Beck’s drop in odds is unclear, but it likely didn’t help as the former Georgia QB rounds out FanDuel’s Top 10 after his Heisman odds fell from +1800 in January.

Remaining 2025 Heisman Trophy odds from FanDuel:

John Mateer, QB, Oklahoma: +3300
Kevin Jennings, QB, SMU: +3300
Gunner Stockton, QB, Georgia: +3300
Austin Simmons, QB, Ole Miss: +3300
Sam Leavitt, QB, Arizona State: +3300
Ty Simpson, QB, Alabama: +3300
Miller Moss, QB, Louisville: +3500
CJ Carr, QB, Notre Dame: +3500
Marcel Reed, QB, Texas A&M: +4000
Ryan Williams, WR, Alabama: +4000
Joey Aguilar, QB, Tennessee: +4500
Dylan Raiola, QB, Nebraska: +5000
Jackson Arnold, QB, Auburn: +5000
Fernando Mendoza, QB, Indiana: +5000
Jeremiyah Love, RB, Notre Dame: +5000
Bryce Underwood, QB, Michigan: +5000
Devon Dampier, QB, Utah: +5000
Jayden Maiava, QB, USC: +5000
Jalon Daniels, QB, Kansas: +6000
Sawyer Robertson, QB, Baylor: +6000
Gio Lopez, QB, North Carolina: +6500
Haynes King, QB, Georgia Tech: +7500
Avery Johnson, QB, Kansas State: +7500
Nico Iamaleava, QB, UCLA: +8000
Kaidon Salter, QB, Colorado: +10000
Kyron Drones, QB, Virginia Tech: +10000
Thomas Castellanos, QB, Florida State: +10000
Demond Williams Jr., QB, Washington: +10000
Beau Pribula, QB, Missouri: +10000
Darian Mensah, QB, Duke: +10000