College Football Odds: Ohio State favored for National Championship after first Playoff rankings

The first 2024 College Football Playoff rankings have been revealed after Week 10 of the regular season.

Unsurprisingly, the top-ranked team in the AP Poll, the Oregon Ducks, are the provisional No. 1 seed for the Playoff. Dillon Gabriel, who has the third-shortest Heisman odds at +275, leads the team at QB, and a Playoff berth would be the second in program history after the team made the first-ever edition in 2014.

Joining Oregon in the provisional 12-team bracket from the Big Ten are Ohio State, Indiana and Penn State. That means the Big Ten has the joint-most teams on course for the Playoff along with the SEC.

The SEC's four teams are Georgia, Texas, Tennessee and Alabama. The third-ranked Georgia Bulldogs join the BYU Cougars, Miami Hurricanes and Oregon as the top four teams who are on course to earn a first-round bye.

BYU is the only representative from the Big 12 and Miami is the only ACC team, while Notre Dame got into the first 12-team bracket as an independent program. Boise State - led by +500 Heisman candidate Ashton Jeanty - is the Group of Five representative.

Let's take a look at the odds to win the College Football Playoff National Championship after the first Playoff rankings reveal and break down the favorites' chances.

College Football Playoff National Championship Odds

Ohio State	+320
Georgia	+350
Oregon	+425
Texas	+500
Miami Florida	+1200
Tennessee	+1600
Alabama	+1600
Penn State	+2000
Ole Miss	+3000
Notre Dame	+3000
Indiana	+3500
LSU	+4000
Clemson	+5000
Texas A&M	+8000
Boise State	+10000
BYU	+10000

Ohio State, fresh off a 20-13 road win over then-No. 3 Penn State, is the favorite to win the inaugural 12-team College Football Playoff at +320.

Led by QB Will Howard, RBs Quinshon Judkins and TreVeyon Henderson and WRs Jeremiah Smith and Emeka Egbuka, the Buckeyes score the 15th-most points per game and allow the third-fewest of the 134 Division I football programs.

Second in the odds at +350 are the Georgia Bulldogs, who are 7-1 with a loss to Alabama on their record. QB Carson Beck has struggled in recent weeks, and four multi-interception games in his last five mean he leads the SEC with 11 interceptions, but his team has played well enough to go undefeated in those five games.

The Oregon Ducks are the third-favorites at +425. Dan Lanning's team is ranked first in the AP Poll, QB Dillon Gabriel has the offense running like clockwork, and the pass rush has been among the best in the nation in recent weeks.

Fifth in the odds, further back at +1200, are the Miami Hurricanes. Led by +180 Heisman favorite QB Cam Ward, the 'Canes are scoring the most points per game of any Division I team with 47.4.

Tennessee and Alabama are next in the odds, each at +1600, although Tennessee beat Alabama 24-17 on October 19. Both teams have dynamic quarterbacks who have not reached their early-season heights lately, and they both have at least one marquee matchup left on the schedule.

Penn State is next in the odds at +2000. The Nittany Lions are 7-1, coming off a loss to Ohio State, and have just one ranked win on the season - a 21-7 victory over Illinois.

Further back in the odds, between 30/1 and 65/1, are the Ole Miss Rebels, Notre Dame Fighting Irish, Indiana Hoosiers, LSU Tigers, Clemson Tigers and SMU Broncos. While Ole Miss, LSU, Clemson and SMU are not in the first Playoff bracket, oddsmakers think they have a decent chance of getting into the Playoff and making a run.

The teams who were included in the first bracket that have outside chances to win it all, BYU and Boise State, are both +10000.

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Odds displayed within this article were correct at the time of writing and are subject to change.