Heisman Trophy Odds 2023: Penix Jr. Vaults Into Top Spot

USC quarterback Caleb Williams looks to repeat as the Heisman Trophy winner, but he has company atop the latest oddsboard according to our best sports betting apps.

We're about a month into the NCAA football season, and significant movement in the Heisman Trophy odds race remains a weekly occurrence.

In the past, the Heisman Trophy has been claimed by a combination of preseason favorites and unexpected underdogs. The college football landscape boasts a vast array of teams and players, creating a much larger talent pool for the Heisman compared to awards in professional sports leagues.

Here is a look at the Heisman Trophy market (odds via our best college football betting sites).

Heisman Trophy odds 2023

(Odds updated Sept. 27)

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Heisman Trophy betting analysis

We encourage you to shop around the best sports betting sites when placing a Heisman Trophy bet, as every dollar of value is highly important when putting together a portfolio.

DraftKings is offering the best price on most of the top options as of this writing, though you'll find superior value at FanDuel for Michael Penix Jr. and at bet365 for Kyle McCord.

Avoid Caesars when looking to back most of the top contenders at this point.

Heisman Trophy odds movement

For the first time since the odds were released, we have a new favorite.

Michael Penix Jr. is alone at the top at two of our best sportsbooks, and shares the No. 1 spot with Williams at the other three. The Washington Huskies quarterback was outstanding in a 59-32 drubbing of California on Saturday, throwing for 304 yards and four touchdowns.

Penix, who opened the season at +1400 to win the Heisman Trophy at BetMGM, has thrown for 1,636 yards with 16 touchdowns and just two interceptions through four games.

Two other quarterbacks saw their Heisman stock rise over the weekend. Quinn Ewers of the Texas Longhorns threw for a score and ran for another in a 38-6 win over Baylor, and is firmly entrenched as the No. 3 option at our best college football betting sites, while Bo Nix led Oregon to a 42-6 thumping of Colorado with 276 passing yards and four total TDs.

Favorite for the Heisman Trophy

Michael Penix Jr. (+380 via FanDuel)

Penix and the Huskies have steamrolled the competition through four weeks, averaging just under 50 points per game while winning all four of their contests by 27-plus points.

Things are about to get more difficult with a home date with Oregon on the docket for Oct. 14, but a strong showing in that one might just elevate Penix to undisputed No. 1 candidate status. That said, Washington can't afford to look past this week's visit to Arizona, either.

Heisman Trophy odds 2023: Contender

Bo Nix (+1200 via BetMGM, Caesars)

Lost in all the hullabaloo surrounding the Colorado Sanders-es was another terrific performance from Nix, who had just five incompletions on 33 attempts in Saturday's one-sided win.

As long as Nix is completing nearly 80% of his passes (he's at 79.4 for the season), he'll have a shot to win. But it wouldn't hurt to see the rushing chops return; Nix had 32 rushing scores in four seasons prior to 2023 but has just one in his first four games this year.

BetMGM and Caesars lead the way here, with the other top sportsbooks all at +1000.

Heisman Trophy odds 2023: Long shot

Dillon Gabriel (+2500 via DraftKings)

Oklahoma quarterback Gabriel is on a nice Heisman trajectory following another impressive showing in a 20-6 win over Cincinnati.

Gabriel has averaged better than 300 passing yards per game in 2023 and has 12 touchdown passes against just one interception. The key to Gabriel remaining in the Heisman Trophy hunt: an Oct. 7 showdown with Ewers and the Longhorns. If he can win that head-to-head matchup, you just might have something here.

Heisman Trophy odds 2023: Fade

Jordan Travis (+1300 via BetMGM)

The Seminoles are on a high following Saturday's thrilling come-from-behind OT win over the Clemson Tigers – and Travis was a pivotal part of the comeback, throwing for 289 yards with a pair of touchdowns.

Still, there is so much competition among quarterbacks for the Heisman, and Travis' numbers just aren't good enough. He has a 56.7% completion rate over his last three games while averaging just 228.7 passing yards with six total passing TDs over that span – and that simply isn't going to cut it when the top options are routinely putting up video game numbers.

Recent Heisman Trophy winners

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College football odds pages

Heisman Trophy FAQs

Who is the Heisman Trophy favorite?

Michael Penix Jr. is the favorite to win the Heisman Trophy with odds as low as +300.

Who won the Heisman Trophy last year?

USC Trojans quarterback Caleb Williams won the Heisman Trophy for the 2022 season.

When will the Heisman Trophy be decided?

The 2023 Heisman Ceremony will take place on Dec. 9. Other key dates to know prior to the ceremony itself include Nov. 27 when the Heisman Trophy voting ballots will be distributed and Dec. 4, which will be the voting deadline. The four finalists for the award will be announced on Dec. 4.

Where will the Heisman Trophy ceremony take place?

Although not officially confirmed at this time, the 2023 Heisman Ceremony is expected to once again take place at Jazz at Lincoln Center’s Appel Room in New York City. The venue has hosted each of the last two Heisman Trophy presentations.

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