Deion Sanders’ first season leading a Power Five program started with incredible fanfare. The Buffaloes bolted to a 3-0 start, beating TCU, Nebraska, and Colorado State thanks to stellar offensive performances from quarterback Shedeur Sanders and his teammates.

Then, the wheels fell off Colorado’s 2023 season. The Buffaloes won just once over their final nine games, finishing the year 4-8 with two losses coming by more than 30 points.

Despite a woeful finish to the 2023 season, sports bettors are backing the Buffs in 2024, according to data from BetMGM. Of the national championship futures bets for the 2024 season, 4.5% of tickets and 4% of money is on Colorado to win it all. The Buffaloes opened with +20000 odds to win the championship, with the odds moving to +12500 on the sports betting app.

Ohio State, Colorado, and Georgia are BetMGM’s biggest liabilities in the national championship futures market.

Colorado’s win total, which BetMGM lists at 5.5, has also drawn significant wagering action. Colorado’s win total has drawn the most tickets of any team.

Nearly 80% of handle on Colorado win total bets are on the over 5.5 wins, which now has odds of -125 on BetMGM. Colorado going over 5.5 wins is far more realistic than Deion Sanders’ team competing for a national championship.

While the Buffaloes aren’t expected to be a national championship contender, they rank first nationally in On3’s Team Transfer Portal Index. The metric is designed to give an idea of how much a team has improved through the portal, suggesting Colorado’s new additions more than make up for the team’s departures.

The Buffaloes could look improved in 2024, and moving into the Big 12 means the team won’t have to face programs like Oregon and USC.

Colorado is +3000 on BetMGM to win the Big 12, with Kansas State and Utah (+350) being the betting favorites.

Ohio State has attracted the most tickets (23.8%) and most handle (35.8%) of any team to win the national championship. The Buckeyes’ odds to win the championship on BetMGM have shifted from +700 to +375.

Only Georgia (+350) has shorter national championship odds than Ohio State on BetMGM.

Of the best 15 players available in the transfer portal this offseason, according to On3, the Buckeyes added four of them, including former Alabama safety Caleb Downs. He was viewed by multiple recruiting-focused publications as the best player in the portal, and he’s viewed as an elite future NFL prospect.

Arguably Ohio State’s biggest issue in 2023 was average quarterback play compared to its peers. With Kyle McCord now at Syracuse, the Buckeyes added former Alabama quarterback Julian Sayin and former Kansas State quarterback Will Howard.

Returning quarterback Devin Brown gives the team three respectable options at the position.

Sayin is a former five-star recruit, while Howard boasts experience after thriving in the Big 12. On paper, Howard eases concerns at the position, having recorded 34 total touchdowns last season while leading Kansas State to a nine-win season. He’s a proven starter with better athleticism than McCord.

The Buckeyes have one of the most talented rosters in the country, and Jim Harbaugh leaving Michigan for the NFL opens the door for the Buckeyes to regain footing atop the Big Ten, even with Oregon entering the conference.

If the quarterback position takes a step forward, the Buckeyes look like a legitimate title threat.