Who is the real favorite to win the College Football Playoff?

Eight teams remain in the College Football Playoff entering the quarterfinal round that kicks off on New Year’s Eve when Penn State faces Boise State in the Fiesta Bowl. Texas kicks off the New Year in the Peach Bowl against Arizona State. The headliner is the Rose Bowl in the afternoon with Oregon and Ohio State facing off for the second time this year. Notre Dame and Georgia play in the Sugar Bowl to close out the second round of the tournament.

The Longhorns are the betting favorite at +310 to win the championship, followed by Ohio State (+330), Oregon (+480), Georgia (+480), and Penn State (+500). But the gambling line alone lacks context: Route matters. Ohio State and Oregon play each other, as does Georgia and Notre Dame. Texas is the betting favorite because the Horns face Arizona State. That’s why Penn State’s odds are higher than Notre Dame’s. The Fighting Irish face Georgia in the second round, while the Nittany Lions play Boise State.