The College Football Playoff Selection Committee’s first top 25 ranking of the season came out Tuesday, and the rankings aren’t all that surprising relative to what fans likely anticipated coming into the season. 

Ohio State checks in at No. 1, while Georgia, the two-time reigning national champion, is undefeated and ranked second. Michigan, the reigning Big Ten champion, is undefeated and ranked third.

“With several 8-0 teams, the committee debated it all,” Boo Corrigan, the College Football Playoff Selection Committee chairman, told the media Tuesday night. “Ohio State was ranked No. 1, due in part to their big wins against Penn State and at Notre Dame.” 

But while the Buckeyes hold top the ranking for now, college football betting odds give the Wolverines and Bulldogs the edge to win the championship. Fanatics Sportsbook lists each team at +235 to win the national championship, DraftKings lists both Michigan and georgia at +240 to win the national championship, and FanDuel has both teams listed at +250 to win the title. 

As for Ohio State, they’re closer to +700 at most mobile sportsbooks. 

While Michigan and Georgia are still without losses, both programs have questions. For Michigan, the team’s weak schedule likely leaves some bettors wondering if it’s destined for a national title or just another College Football Playoff appearance like 2022. 

The Wolverines are also dealing with the distraction of a sign-stealing scandal, which gets weirder by the day. The scandal is not a factor in the team’s current ranking. 

“​​The committee makes its judgments based on what happened on the field, and clearly Michigan has been a dominant team,” Bill Hancock, the executive director of the College Football Playoff, said. 

Georgia hasn’t looked as dominant this season as in years previous, and star tight end Brock Bowers is dealing with an injury. The Bulldogs appear more vulnerable than in the previous couple of seasons. 

Outside of those top two teams, several high-profile programs look the part of national title contenders. BetMGM gives Florida State +600 odds to win the national title, and the Seminoles are arguably the most likely playoff participant of any team in the country. FanDuel has the Seminoles at -250 to make the College Football Playoff, the shortest odds of any team. 

Ohio State, which plays at Michigan on Nov. 25., has +700 odds to win the title on Caesars Sportsbook. The Buckeyes haven’t looked crisp offensively throughout the season, but they’re second only to Michigan in scoring defense (10 points allowed per game). FanDuel’s lookahead lines have Michigan as a 6-point favorite for the Nov. 25 meeting. 

Oregon (+1400 on FanDuel), Alabama (+1600), Washington (+1700), and Texas (+1700) are also viewed as title contenders. Washington beat Oregon head-to-head earlier this season and remains unbeaten, but Oregon’s advanced metrics suggest the Ducks may be the Pac-12’s most dangerous team despite the narrow road loss to the Huskies. 

LSU and Oklahoma are longer shot contenders (+3500), but neither team can be counted out if it’s able to win the conference championship. 

Most years, the Heisman Trophy goes to one of the top quarterbacks in college football. Betting odds suggest it’ll be a quarterback-focused award ceremony again this year. 

Washington’s Michael Penix Jr. is the slim favorite (+270 on FanDuel) to win the honor, with Michigan’s J.J. McCarthy (+300) close behind. A recent surge of stellar games has LSU’s Jayden Daniels (+450) in the hunt. 

Oregon quarterback Bo Nix (+600) and Florida State quarterback Jordan Travis (+750) could also win the award with strong late-season stretches. It’s a tight race entering November. 

The lone non-quarterback with odds shorter than +10000 is Ohio State wide receiver Marvin Harrison Jr. The likely top-10 NFL Draft pick has four consecutive 100-yard receiving games, and he’s sixth nationally with 111.1 receiving yards per game. He’s +1200 to win the Heisman Trophy.