Unbeaten UCLA and Utah force sportsbooks to recalibrate college football odds

Ten weeks into the college football season, just two undefeated teams remain in the FBS: UCLA and Utah, an outcome few saw coming. The surprises have forced sportsbooks to repeatedly rework their numbers, with DraftKings adding 8.5 points to its power rating of the Bruins and 3.5 points to the Utes.

Utah opened the season as a 110-1 long shot to win the national championship and +350 to reach the College Football Playoff. According to DraftKings, those prices have shrunk to 26-1 for the title and -700 to make the playoff. The movement on UCLA has been even more dramatic. The Bruins began the campaign at 750-1 for the championship and 30-1 to make the playoff, and they now sit at 40-1 for the title and -360 to reach the CFP.

If UCLA finishes the job and gets into the playoff, it would be the second-longest preseason underdog to qualify since the format expanded to 12 teams, trailing only Arizona State, which was 100-1 before the first 12-team edition in the 2024 season, according to DraftKings odds gathered by ESPN Research.

"Utah and UCLA have both required different adjustments throughout the season," Caesars Sportsbook head football trader Joey Feazel said in an email. He noted that Utah arrived as a true contender in the Big 12, with preseason playoff odds of 5/1, while UCLA came in as a true underdog in the Big Ten.

Bettors have ridden both teams. On Saturday at BetMGM, Utah was one of the most-backed sides to cover -4.5 by total tickets, while UCLA's opponent, Minnesota, was among the most-backed to cover +4. The Utes and Bruins both covered, improving to 8-1 and 9-0 against the spread. UCLA is the only undefeated ATS team left in college football.

For every surprising underdog there is a disappointing favorite, and after their head-to-head meeting on Saturday, Ohio State and Oregon headline that group. The Buckeyes opened the season tied with Notre Dame for the best championship odds at +600, while Oregon was fourth at +750. Both now have three losses. Ohio State (-360) and Oregon (-320) were odds-on to make the CFP before the season, and if they miss out they would be the shortest preseason playoff favorites to fall short since the format went to 12 teams. Penn State and Texas were both -300 to make the playoff last season before missing, per DraftKings data gathered by ESPN Research.

Ohio State has remained one of the most-backed teams to win the championship at BetMGM, while Oregon is considered a futures liability. With both programs starting backup quarterbacks amid their struggles, DraftKings has dropped Ohio State's power rating by 10 points and Oregon's by 9.5.

Among other three-loss teams, LSU and Ole Miss remain the most intriguing. The Tigers are +172 and the Rebels +126 to make the playoff, and both sit within the top nine in championship odds despite entering the season at +160 and +200 to reach the postseason. Feazel said LSU's losses have all come against teams ranked in the top 10 at the time, adding that the Tigers have held steady on the odds board but are "seemingly on life support with two of three tough games remaining."