One team was victorious in its conference championship game, while the other was defeated in overtime. But that discrepancy didn’t stop bookmakers from installing Oregon and Texas as co-favorites in college football national championship odds, with the first College Football Playoff field now set.

No surprise that Oregon is a +380 favorite to claim the title—the undefeated Ducks outlasted Penn State to win the Big 10 championship game, and secured the No. 1 overall seed in the College Football Playoff along with a bye into the quarterfinals. The surprise is that Texas is a +380 co-favorite, given that the Longhorns lost to Georgia in overtime in the SEC title contest, and host Clemson in the opening round of the playoff on Dec. 21.

With the playoff field at last set on Sunday, only 12 teams remain in the running to win it all. Georgia, which received the No. 2 seed and a bye into the quarterfinals, opened as the third odds choice at +450. The opening round begins Dec. 20, with the quarterfinals set for Dec. 31 and Jan. 1.

2024 College Football National Championship Odds

Odds as of December 9, 2024 

See Our Best CFB Betting Sites Here

NCAAF National Championship Favorite: Oregon, +380

As expected, unbeaten and top-ranked Oregon received the No. 1 overall seed in the playoff after its 45-37 victory over Penn State in the Big 10 championship game last Saturday night. The Ducks are off until the Jan. 1 Rose Bowl, where they will host the winner of a first-round game between No. 8 seed Ohio State and No. 9 seed Tennessee. The Buckeyes are a 7.5-point home favorite.

Oregon defeated Ohio State 32-31 on Oct. 13 in Eugene, winning outright as a 3.5-point home underdog. Oregon last faced an SEC opponent in the opening game of the 2022 season, where it lost 49-3 to Georgia. The Ducks have covered in each of their past two games this season, and in six of their last eight.

NCAAF National Championship Contender: texas, +380

Thanks to its loss to Georgia in the SEC title game, the fifth-seeded Longhorns have to host an opening-round game against No. 12 seed Clemson, which sneaked into the field after its surprise victory in the ACC championship. Texas is an 11-point home favorite over the Tigers, which has lost to both SEC teams it has faced thus far—34-3 to Georgia, and 17-14 to South Carolina.

The winner between Texas and Clemson meets No. 4 seed Arizona State in the Jan. 1 Peach Bowl. Oddsmakers probably like Texas’ draw in the playoff, given that it opens against the last team to make the field and then would face the most vulnerable of the squads that received byes to the quarterfinals. Just be wary of the Longhorns against the spread, given they’ve covered only two of their past seven.

NCAAF National Championship Long Shot: Boise State, +6500

The No. 3 overall seed has the highest odds of any team in the playoff? Indeed that’s the case for the Broncos, who punched their ticket by dispatching UNLV 21-7 in the Mountain West championship last weekend. Boise State is ticketed for the Dec. 31 Fiesta Bowl, against the winner between No. 6 seed Penn State and No. 11 seed SMU. The Nittany Lions are an 8-point favorite in that game.

The Broncos’ lone loss this season is a 37-34 defeat at top playoff seed Oregon, which was an 18-point home favorite. But they did benefit from upsets in the Big 12 and ACC to claim the No. 3 overall playoff seed, and oddsmakers likely doubt the strength of a schedule that featured just two games against ranked opponents. Boise State has also covered only two of their past five games, all against Mountain West competition.

When Is the College Football Playoff?

With the expansion of the College Football Playoff, going from four teams to 12, this also forces us to wait until January 20 for a national champion to be crowned. This is the latest that we have seen a national championship game. In the second weekend of January, when we would typically see the big game, we will be enjoying the CFP semi-finals with the Orange Bowl taking place on January 9 and the Cotton Bowl Classic the day after.

Last 10 College Football National Champions

The SEC conference has claimed six of the last national titles over the last decade. By the looks of it, sportsbooks do a decent job with their opening odds. Only one program had early odds of +1000 or higher, the Buckeyes in 2014. 

nCAAF Teams with the most national titles

Despite not having hoisted the trophy since 1927, Yale was a wagon, picking up 14 titles by the turn of the 20th century.

In terms of modern-day history, the Tide has been passed the torch as a dynasty. With the help of Nick Saban, Alabama pocketed six championships between 2009 and 2020. 

nCAAF National championship betting trends

How to bet on the college football national championship

When it comes to big events for any sport, you can bet on futures months in advance -- including which team will win the national championship. Each week, oddsmakers will update the odds to reflect how a squad is doing. If a team is plagued with injuries, their chances of making it to the final game slim down. A surging squad will see their odds skyrocket.

When you go to a college football sportsbook, you’ll see the betting lines laid out like this:

Georgia opens as the fave since the Bulldogs have the lowest odds. The Crimson Tide and Buckeyes are considered underdogs.

If you believe that Georgia has the best chance of winning the championship, and you bet $100 on them, you’d get a payout of $275 – your original $100 is returned along with your winnings of $175. Our odds calculating toolwill show you how much you’d win based on the odds and amount bet.

When you see futures odds that you like, it’s best to jump on them early. As mentioned above, betting sites will adjust the odds as we get closer to bowl season and teams move up and down in the standings.