College Football Playoff Odds Report, Trends: Everything You Need To Know
College Football Playoff odds for 2023-24 are heating up ahead of the championship game. No. 1 Michigan and No. 2 Washington advanced from the semifinals and will meet Jan. 8 in Houston for the title.
The Wolverines are the favorite in odds to win the College Football Playoff.
Here’s everything you need to know about the 2023-24 College Football Playoff odds market: action, movement and betting trends. Check back regularly for updates, and make sure to use our FanDuel Sportsbook promo code available to new registrants for $200 in bonus bets when you're ready to bet on the action!
College Football Playoff Odds
Then There Were Two
Since October, Michigan has been the on-and-off favorite in Caesars Sports' CFP futures odds, trading places with Georgia on occasion. With the two-time defending national champion Bulldogs out of the picture, Michigan moved to the top.
When the four CFP contestants were announced Dec. 3, the Wolverines were +185 on the College Football Playoff championship odds board. Alabama was right behind at +200, then Texas at +270, with Washington the long shot of the batch, at +750.
As the semifinals approached, the odds were tighter. Michigan was +205, Alabama +215, Texas +235 and Washington +650.
Now, with it down to two teams, odds are basically the moneyline price for Monday's championship game in Houston: Michigan -195/Washington +162.
"Futures-wise, we're gonna be rooting for Michigan," Caesars lead college football trader Joey Feazel said. "Alabama and Washington were at higher prices earlier in the season. We racked up some liability on those two teams."
That 'Bama liability got wiped out by Michigan in the Rose Bowl semifinal. The Wolverines won 27-20 in overtime.
On Dec. 29, just three days before the semifinals, Caesars suddenly got flipped on Texas. The Longhorns were Caesars' best outcome in the CFP futures odds market. But then Jim "Mattress Mack" McIngvale arrived with a $1 million bet on Texas +270, representing potentially $2.7 million in liability.
So even with futures liability to Washington, Caesars almost assuredly didn't mind the Huskies ousting Texas 37-31 in the Sugar Bowl.
In the College Football Playoff championship game, Michigan is a 4.5-point favorite vs. Washington.
Limited Liability
Prior to Week 2, a Caesars customer plunked down $50,000 on Michigan +850 to win the College Football Playoff championship. Comparatively, that was a value play when you see the Wolverines now at -195.
Should Michigan win the title, the bettor would profit $425,000. That wager was a problem for a while at Caesars, but not any longer.
"We're good on Michigan. We took that big bet early in the season, but that liability has since been erased," Pullen said, noting that the Wolverines shortened to +450 in the wake of that major wager. "After that bet, they didn't attract much action, because they weren't at attractive odds. Michigan is in the positive column for us now."
That said, Pullen reminds it only took one big bet to get the risk room sideways to Michigan, then last week to Texas. And there are surely more big bets to come over the next few days.
"It doesn't take much to change that. A big bet could come in, and we would have liability again," he said.
National Championship Winner Odds
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