Ohio State, Notre Dame Lead Crowded Race in College Football National Championship Odds

Buckeyes and Fighting Irish enter 2026 season as betting co-favorites, but Oregon, Texas and Georgia remain close behind

By Jeff Beck | August 20, 2026

The race for college football’s national championship begins without an overwhelming favorite—and that may be the clearest indication yet of how competitive the 2026 season could become.

Ohio State and Notre Dame enter the campaign as the betting co-favorites at approximately +600, meaning a successful $100 wager would return $600 in profit. Oregon follows at +650, with Texas at +750 and Georgia at +850, according to recently published national championship futures. Odds vary between sportsbooks and can change rapidly as wagers, injuries and roster news influence the market. Sports Gambling Podcast’s August 15 odds board

Buckeyes Back Atop the Board

Ohio State’s position is hardly surprising. The Buckeyes went 12-2 last season, with their only defeats coming against Indiana and Miami—the two teams that eventually played for the national championship.

Despite sending several defensive standouts to the NFL, Ohio State again possesses one of the country’s deepest rosters. Quarterback Julian Sayin, standout receiver Jeremiah Smith and 1,000-yard running back Bo Jackson give the Buckeyes an imposing offensive foundation.

The schedule, however, provides little room for error. Ohio State must navigate games against Texas, Oregon, Michigan, USC, Iowa and defending champion Indiana. The Buckeyes nevertheless opened at No. 1 in the Associated Press preseason poll, receiving 40 first-place votes. NCAA.com’s preseason AP Top 25

Notre Dame has attracted comparable respect from oddsmakers, sitting at or near the top of several futures boards. The Fighting Irish do not have a conference championship game standing between them and the playoff, but their independent schedule again leaves few easy Saturdays.

Oregon, Texas and Georgia Form Next Wave

Oregon may offer the most compelling combination of price and championship-level talent. The Ducks are No. 2 in the preseason AP poll and carry odds ranging from roughly +650 to +800, depending on the sportsbook.

Quarterback Dante Moore gives Oregon an established centerpiece, while another talented roster has positioned the Ducks to compete for both the Big Ten championship and a favorable playoff seed. CBS Sports previously identified Oregon as an attractive value when the Ducks were available at +800. CBS Sports futures analysis

Texas, generally listed around +750, remains firmly in the leading group. The Longhorns’ recruiting success and roster depth have kept them among the championship favorites, although surviving an unforgiving SEC schedule will be a weekly challenge.

Georgia is available near +850 after opening at +900 at BetMGM. The Bulldogs are ranked third in the preseason AP poll but sit slightly lower on the betting board, potentially giving supporters a more attractive price than those attached to Ohio State, Notre Dame or Oregon.

Defending Champion Offers Unusual Value

Indiana enters the season in a rare position for a reigning champion: respected but not favored.

The Hoosiers are priced around +900, behind five other programs on some boards, and sit sixth in the preseason AP rankings despite receiving eight first-place votes. That combination makes Indiana one of the market’s most fascinating teams. Bettors must decide whether last season established the Hoosiers as a lasting national power or whether personnel changes and a difficult Big Ten schedule will produce a step backward.

Miami, last season’s national runner-up, sits in a similar range at approximately +1000. The Hurricanes are seventh in the preseason poll and represent the final team in what appears to be the market’s leading championship tier.

LSU Heads the Second Tier

The odds rise sharply after Miami, creating a second group of contenders offering larger potential payouts:

LSU, at approximately +1800, is the most prominent choice outside the top seven. Texas Tech and Alabama follow, while Oklahoma, Texas A&M, Michigan and USC provide recognizable alternatives at prices of +3000 or longer.

Alabama’s placement is particularly striking. Once an automatic member of the preseason favorites, the Crimson Tide are listed around +2200 and ranked 13th in the AP poll. That number could represent value if Alabama quickly establishes itself as an SEC contender—or accurately reflect how much the national landscape has changed.

Long Shots Face Difficult Playoff Road

Penn State at +6000 and BYU, SMU, South Carolina and Washington at approximately +10000 headline the longer shots. Clemson, Iowa, Louisville and Utah have appeared near +15000.

The expanded College Football Playoff gives more teams access to the postseason, but it does not necessarily make winning the championship easier. A long shot may have to defeat several elite opponents in succession, placing enormous importance on roster depth, quarterback health and favorable seeding.

For now, the market’s message is straightforward: Ohio State and Notre Dame may have the shortest odds, but neither has separated from the field. With six additional contenders available at +1000 or shorter, the 2026 national-title chase begins as a wide-open race.

Odds cited are approximate as of August 20, 2026, are subject to change and may differ by sportsbook and location. Gambling should be limited to legal jurisdictions and treated as entertainment. If gambling becomes a problem, call or text 1-800-GAMBLER.