Updated CFP National Championship Odds Ahead of Season Kickoff

• Updated CFP national championship odds are available ahead of the season kick-off
• The two-time defending champion Georgia Bulldogs are +220 favorites to win another title
• Read below for the latest 2023 NCAAF national championship odds and best bets

Another college football season is almost here, and oddsmakers have released updated national championship odds for the 2023-24 season. To the surprise of no one, Georgia remains the clear favorite to win the national title this season.

Oddsmakers are predicting the Bulldogs will pull off the coveted three-peat in 2023, but several other teams also have favorable odds. Alabama, Ohio State and Michigan are among the top-five contenders, while a few other teams are gaining major traction.

Let’s dive into the updated National Championship odds and provide you with our betting analysis.

Updated 2023-24 CFP National Championship Odds

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Odds as of August 21, 2023, at DraftKings Sportsbook. Browse the available sports betting sites for wagering on the national champion winner. 

Bulldogs Are Favorites to Three-Peat

The Georgia Bulldogs opened as heavy favorites to win the national championship in 2023, and not much has changed in the months leading up to the season. UGA’s odds have actually increased from +300 to +200, giving them a 31.25% implied probability to three-peat as champions.

While the Bulldogs must overcome the loss of veteran quarterback Stetson Bennett, they do return wide receivers Ladd McConkey and Marcus Rosemy-Jacksaint, plus running backs Daijun Edwards and Kendall Milton, along with star tight end Brock Bowers.

No Tight End has ever won the John Mackey Award twice

Will Brock Bowers become the first? pic.twitter.com/dvEkiA0cG8

— PFF College (@PFF_College) August 18, 2023

It’s hard to find any significant weaknesses on Georgia’s roster. However, there is some concern about the team’s front four and their ability to get pressure on the quarterback. The last two seasons have seen four players – Travon Walker, Jordan Davis, Devonte Wyatt, and Jaylene Carter – taken in the first round of the NFL Draft.

Kirby Smart himself has expressed concern about getting pressure on the opposing team’s quarterback, but oddsmakers haven’t lengthened UGA’s title odds this summer. Smart did name QB Carson Beck, who saw a decent amount of snaps behind Bennett last season, as Georgia’s starting quarterback in 2023.

While some SEC teams are introducing completely new quarterbacks this year, Georgia is at least returning someone familiar with their offense. During the 2022 campaign, Beck played in seven games, completing 26 of 35 passes for 310 yards and four touchdowns.

LSU’s Title Odds Have Been Rising

One team that has seen a notable improvement in their college football national championship odds is the LSU Tigers. Brian Kelly’s team is now ranked fifth in the AP preseason Top 25 poll and has the fifth-best odds to win. The Tigers’ offense ranks 10th in returning production with most of its rushing yards, a 1,000-yard receiver, and a dual-threat QB coming back.

Jayden Daniels, currently a top contender in the Heisman odds, returns after passing for 2,913 yards and rushing for 885 yards in 2022. Daniels will also have one of his top targets back in Malik Neighbours, who is coming off a 1,017-yard receiving season.

Defensively, the Tigers have some question marks. Linebacker Harold Perkins is a returning starter who recorded 72 tackles last season, but LSU is introducing several new starters in the secondary. The Tigers have exciting young talent at this position, but it remains to be seen if they can hold up against elite offenses such as Alabama’s.

Joining LSU with improved national title chances is Iowa, who have seen their odds to make the CFP improve from +2500 to +1100 since the beginning of June. The Hawkeyes have a stunning 16 returning starters, plus an intriguing new QB in Cade McNamara. Not to mention, IU is once again projected to have a top-10 defense.

CFP National Championship Predictions

The updated national championship odds imply that Georgia has a legit chance of being the first college football team to win three straight national titles since Minnesota in the 1930s. Considering UGA is currently available at plus-money odds, that’s pretty hard to pass up.

To “expect” a three-peat that has never been done in the history of college football is irresponsible and unfair.

But damn… I’m irrationally excited about the 2023 Georgia Bulldogs, even though I hope this off-season takes forever. #GoDawgs🏆🏆 pic.twitter.com/zVynjM5CIz

— Logan Booker (@LoganMBooker) January 20, 2023

While UGA is the safe choice, we’re going to take a flier on the Texas Longhorns for our national championship prediction. The Longhorns return 10 of 11 starters on offense, including quarterback Quinn Ewers and wide receiver Xavier Worthy. The offensive line also returns all five starters, providing stability at a key position.

While “Texas being back” is a running joke, the Longhorns have a favorable schedule in the Big 12 and a talented enough roster to compete for the national title in 2023. Texas’ implied probability of winning the CFP is just 3.85% based on the betting market, which is just too low given the talent Steve Sarkisian and company have been stockpiling down in Austin.