National Championship odds: Betting favorites to win after College Football Playoff field announced

The first-ever 12-team College Football Playoff field is set. Now all that’s left is to play the games.

But before the first-round Playoff games kick off Dec. 20-21, the oddsmakers over at FanDuel Sportsbooks overhauled the betting odds for which team has the best chance to ultimately rise from the 12-team field and claim college football’s 2024 National Championship.

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Without further ado, here’s how FanDuel Sportsbooks’ odds have evolved following the final week of the regular season:

Texas +360

Despite another setback against Georgia, this time coming in a 22-19 overtime loss in the SEC Championship game Saturday afternoon in Atlanta, the Longhorns remain in a dead-heat with top-overall seed and undefeated Oregon as the odds-on favorite to win it all this season. No. 3 Texas (11-2) actually saw its odds improve from last week’s +380 to slide even with the Big Ten champion Ducks.

The early love from Vegas notwithstanding, the Longhorns face questions about its offense after some head-scratching ineffectiveness against the Bulldogs, including just 31 total rushing yards and a pair of interceptions for quarterback Quinn Ewers. If Texas ultimately makes good on Vegas’ faith, it’s going to require all-around improvement from a team that has yet to beat anybody currently ranked in the Top 25.

Oregon +360

The No. 1-ranked Ducks (13-0) remain in the driver’s seat to hoist the College Football Playoff national championship trophy after holding off No. 4 Penn State, 45-37, to win the Big Ten Championship on Saturday in its first season in the league. Behind Heisman Trophy-finalist Dillon Gabriel at quarterback and a steady ground game led by Jordan James, the Oregon offense continues to roll over the competition, scoring on five of its seven first-half drives vs. the Nittany Lions.

Despite allowing a season-worst 523 yards of total offense Saturday, the Ducks defense also remains quite opportunistic, adding to their +7 turnover margin with two more timely interceptions of Penn State quarterback Drew Allar, the last coming in the final 2 minutes to seal the victory in Indianapolis. Still, there are clear signs of cracks in Oregon‘s armor, and coupled with a unfriendly side of the Playoff bracket that features a quarterfinal date with the winner between Ohio State and Tennessee, it’s hardly smooth sailing to Atlanta for the Ducks.

Georgia +480

The No. 2-ranked Bulldogs stole the SEC Championship from Texas thanks in large part to a revived ground game led by junior Trevor Etienne, who returned from a two-game absense to tally 94 rushing yards and two touchdowns, including the game-winning 4-yard score to end the first overtime. Georgia pulled off its second-straight win over the Longhorns despite another lackluster first half of play that was only salvaged by a bend-but-don’t-break defense that kept Texas out of the end zone until early in the fourth quarter.

That said, the inconsistent Bulldogs remain a serious question mark entering the Playoff field, especially after losing starting quarterback Carson Beck to a UCL injury in his throwing arm. Beck is seeking a second opinion, but all indications are Georgia will have to turn things over to backup QB Gunner Stockton, who spearheaded the second-half rally against Texas but is generally unproven on the big stage.

Ohio State +500

Ryan Day and the Buckeyes are still reeling from a fourth-straight loss to rival Michigan in The Game two weeks ago. But uber-talented Ohio State (10-2) remains a clear favorite to win it all in the eyes of bettors everywhere, keeping them in the mix after drawing the Playoff’s final first-round home game vs. No. 9 seeded Tennessee (10-2) on Dec. 21 in Columbus.

The Buckeyes’ powerful albeit inconsistent offense is led by quarterback Will Howard and the running back tandem of Quinshon Judkins and TreVeyon Henderson, who have combined on 1,556 rushing yards and 14 touchdowns this season. But its Ohio State‘s Big Ten-leading defense that could ultimately what gets the Buckeyes over the hump in a win-or-go-home Playoff format that will feature a quarterfinal rematch with Oregon should OSU get past Tennessee in Round 1.

Penn State +550

The Nittany Lions showed plenty of fight in the Big Ten Championship Game against No. 1 Oregon, pulling within a touchdown twice in the fourth quarter before coming up empty in the end. Still, the Penn State offense racked up 523 yards of total offense in Indianapolis, including 297 rushing yards behind a piar of 100-yard rushing performances from Kaytron Allen and Nick Singleton.

PSU features the Big Ten’s second-ranked offense and might actually benefit from landing on the other side of the bracket from the Ducks, including a first-round home game against ACC runner-up SMU on Dec. 21. Should the Nittany Lions win that, the road to Atlanta features a ground-and-pound game against Boise State and Heisman Trophy-finalist Ashton Jeanty in the quarterfinals before a potential semifinal date vs. Georgia.

Notre Dame +850

The independent Fighting Irish sat back during Championship Weekend and watched the chips fall where they may, and in this case that meant a first-round home game against No. 10 seed Indiana. It’ll be a Hoosier State showdown between in-state rivals that have met only once since the late 1950s — a 49-27 Notre Dame win in 1991. The Irish hold a commanding 23-5-1 lead in the all-time series vs. the Hoosiers.

Despite representing FanDuel’s sixth-best odds, Notre Dame (11-1) remains one of college football’s hottest teams having won 10 straight since a Week 2 home loss to Northern Illinois. Led by quarterback Riley Leonard, who has combined for 2,813 total yards and 30 touchdowns this season, and the two-headed RB pair of Jeremiyah Love and Jadrian Price (1,600 combined rushing yards), the Irish average 39.8 points per game to rank third nationally — behind only Indiana (43.3) and Miami.

Others Receiving National Championship Odds

Below are the rest of the odds for teams to win the national championship, courtesy of FanDuel Sportsbook:

Tennessee +2500
Indiana +4000
SMU +4000
Arizona State +6000
Clemson +6000
Boise State +6000