Heisman Trophy Odds: Caleb Williams, Michael Penix Jr. Lead The Way

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The college football season has been electric through four weeks, and we have a tight race at the top of the latest Heisman Trophy Odds. 

Caleb Williams, the 2022 Heisman Trophy winner, opened as the betting favorite to win it this season. His odds to repeat are currently (). Right behind him is Michael Penix Jr. from Washington, who continues to light up each defense he sees. 

Williams would become just the second two-time Heisman Trophy winner and the first since Ohio State’s Archie Griffin (1974-1975) with a win this season. 

There is still a lot of season left to be played, and there are still a few names that are just an outstanding performance or two away from being at the top of the Heisman leaderboard. Here, we will take a look at the Heisman odds from the favorites, as well as some long shots that are still worth a look.

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Heisman Trophy Odds 2023

Here are the latest odds to win the Heisman Trophy at top sportsbook apps today:

We are just a few weeks into the season, and Williams is already clearly still in the driver’s seat to win the award. Although Penix has quickly caught up and is even tied with Williams in Heisman odds, the narrative is on Williams’ side, which feels like it will play a significant factor this season. 

Last week against Arizona State was not pretty, but USC is undefeated, and Williams is completing 74.3% of his passes for 1200 yards and 15 touchdowns to zero interceptions through four games. Penix has a couple of picks, but he has a higher completion percentage, more passing yards, more passing touchdowns, and like Williams, he has not played much in the second half of games due to how badly they are winning. 

Washington and USC will meet up in Southern California in November, and if both teams are undefeated, that could be a game that has gigantic implications on the 2023 Heisman Trophy odds. 

There are still some big names atop the Heisman odds board, including Texas’ Quinn Ewers , Oregon’s Bo Nix , and Jordan Travis  from Florida State. Below, we will give a brief overview of each Heisman contender and give our picks and a few long shots to look out for. 

Read More: College Football Championship Odds | College Football Betting Sites

Heisman Trophy Best Bets for 2023 Season

Caleb Williams opened as the favorite, but only one player in the award’s history has won it twice. Why? Voters want to see players go above and beyond expectations. For Williams, that means having a season better than the Heisman-winning season he had last year.

Here are our best bets (outside of Williams) to win the Heisman Trophy.

Michael Penix Jr.

Michael Penix Jr. threw for more yards than Williams did last season (4,641 to 4,537), but Williams had more touchdowns (42 to 31) and fewer interceptions (five to eight). Their stats are insanely close again this season, and if both Washington and USC are playoff contenders at the end of the season, this could be one of the tightest Heisman races ever. 

Bo Nix ()

In his first season at Oregon, Bo Nix improved in almost every statistical category compared to his time at Auburn. This season, he already looks like he has taken that giant leap that many were wondering if he was capable of doing. 

After his dominating performance against Colorado, Nix is up to 11 touchdowns with only one interception while completing 79.4% of his passes. With a tremendous offensive line, deep skill room, and creative offense, Nix is well within striking range of the Heisman this season. 

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Heisman Trophy Odds: Value Picks & Longshots

Jordan Travis ()

Although he has been one of the most discussed players this season, Travis does not have the same ‘explosiveness’ that the top of the field has. Still, he has 10 touchdown passes and two big wins under his belt this season. 

The Heisman has turned into a narrative-driven award, and if Travis is the player to bring a well-respected program like Florida State back to glory, he certainly will be atop the Heisman odds at the end of the season. 

Sam Hartman ()

The loss to Ohio State was a crushing blow to Sam Hartman’s Heisman odds, but he still has an outside shot at winning. Through four games, he has 14 touchdowns to zero interceptions and is also competing over 70% of his passes. 

If Notre Dame knocks off Williams and USC later this season, don’t be surprised if Hartman gets a trip to New York for the Heisman ceremony. 

Cam Ward ()

There was not a lot of info on Cam Ward coming out of high school. This is because his HS team ran the Wing-T offense, which, if you did not know, is a run-heavy scheme that was popular long ago. 

He started his career at Incarnate Word and immediately lit it up. Since transferring to Washington State, he has put up 4,621 yards and 36 touchdowns, including 13 already this season. Washington State still has a lot of big games to play this season, and if Ward shows out, he can absolutely put himself in the Heisman discussion. 

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Heisman Trophy Line Movement & Implied Probability to Win


Michael Penix Jr. +333 23.09%
Caleb Williams +371 21.23%
Quinn Ewers +600 14.29%
Bo Nix +1080 8.47%
Jordan Travis +1240 7.46%

Implied probabilities are calculated using odds offered by Consensus.
Last Updated: 2023-09-30 00:00:00 PDT.


What Impacts Heisman Trophy Odds And Causes Lines to Move?

When it comes to futures, like the Heisman Trophy odds, betting lines can move for a variety of reasons.

Heisman odds for a player will shift according to how well he is or isn’t playing, which includes whether the team is winning games. Losing a game will not necessarily cause a player’s odds to shift, but if he plays poorly in that game and/or is why the team lost, they probably will.

Consequently, one good game/win may not move the lines, but Heisman odds will likely shift once a player strings together a few solid games (and wins).

Injuries that cause a player to miss significant time will have an impact. A player cannot win the Heisman if he does play. The betting public can also have an impact. If the public gets heavily behind one player, sportsbooks will shift their odds to make them less appealing to bettors. Books may also shorten another player’s odds to encourage betting on him.

What is Implied Probability?

Implied probability refers to the likelihood of a particular outcome based on the odds. For example, FanDuel lists Caleb Williams at +380 to win the Heisman. Those odds translate to a 20.83% implied probability Williams wins the Heisman when it is awarded in December.

To figure out the implied probability for a wager, you can use our implied probability calculator.

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How To Bet On Heisman Trophy Odds

If you’re looking to bet on the Heisman odds this year, it’s a perfect time to take advantage of amazing limited-time welcome offers available at sportsbooks today. Add more than one sports betting app to your playbook so you can line shop for the most competitive Heisman Trophy odds.

Choose Your Online Sportsbook

Most US states with legal online sports betting put multiple mobile sports betting apps at your fingertips. The welcome bonuses, as well as the lines on the Heisman, differ from sportsbook to sportsbook.

Check out Gaming Today for comprehensive coverage of online sportsbooks operating in your state. Once you’ve chosen a sportsbook, you’ll need to provide proof of age and identity to register for a new account. Don’t forget to enter the promo code!

Make Your First Deposit

Once the sportsbook verifies your account details, you can deposit funds and start wagering on games or college football futures markets like the Heisman Trophy.

Navigating to the cashier at your chosen sportsbook displays all the different deposit options. Some of the most reliable deposit methods include PayPal, Play+, debit/credit cards, and ACH/eCheck.

Make Your First Bet

Find the “College Football” tab on the home page of your favorite sportsbook and click on it. On the following page, find the “Player Futures” tab and click on it. That will take you to the page where Heisman odds get posted. Find the player you want to bet on, click on him, decide how much you want to wager, and then place your bet.

Remember, many welcome bonuses at sportsbooks are only for the first wager, so choose wisely!

Cashing Out

If your Heisman Trophy bet cashes in, congratulations! You can reinvest your winnings into other bets, but if you are ready to cash out, all sportsbooks will offer you several different options.

PayPal, ACH/eCheck, and Play+ represent some of the fastest ways to cash out when your NBA Championship wagers win.

Where To Bet On Heisman Trophy Odds

All mobile sports betting apps that operate in the US will carry Heisman Trophy odds. Your ability to bet will depend on whether you’re physically located within one of the states with legal sports betting

Check out the list below to discover the best sportsbooks in your region for Heisman Trophy betting.

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How To Read Heisman Trophy Odds

Bettors can find Heisman odds throughout the year at the online sportsbooks available in their state. Prices will often fluctuate throughout the year based on injuries, how a player/team is playing, roster additions and subtractions, etc.

As for how to read those odds, let’s look at the Heisman prices for three players at FanDuel (as of June 30):

  • Caleb Williams, +500
  • KJ Jefferson, +5000

Regarding plus money odds (like the above), bettors must risk $100 to win the listed number. So, a $100 bet on Caleb Williams would result in a $600 payday, your stake plus $500 in winnings. At those odds, he has an implied probability of 16.67% (you can calculate implied probability using our calculator).

A $100 wager on Jefferson would result in a $5,100 payday, your stake plus $5,000 in winnings. Jefferson has a 1.96% chance of winning.

Heisman Trophy Odds: History

YearHeisman WinnerPositionSchoolOdds Prior To Week 1
2022Caleb WilliamsQBUSC+600
2021Bryce YoungQBAlabama+800
2020Devonta SmithWRAlabama+10000
2019Joe BurrowQBLSU+4000
2018Kyler MurrayQBOklahoma+3000
2017Baker MayfieldQBOklahoma+1000
2016Lamar JacksonQBLouisville+10000
2015Derrick HenryRBAlabama+2500
2014Marcus MariotaQBOregon+425
2013Jameis WinstonQBFSUNot Listed
2012Johnny ManzielQBTexas A&MNot Listed
2011Robert Griffin IIIQBBaylor+2800
2010Cam NewtonQBAuburnNot Listed
2009Mark IngramRBAlabamaNot Listed
2008Sam BradfordQBOklahomaNA
2007Tim TebowQBFloridaNA
2006Troy SmithQBOhio StateNA
2005Reggie BrushRBUSCNA
2004Matt LeinartQBUSCNA
2003Jason WhiteQBOklahomaNA
2002Carson PalmerQBUSCNA
2001Eric Crouch QB/WRNebraskaNA

College Football Betting 101

Jumping into the wide world of sports betting can be a little tricky. While making mistakes can help you learn, mistakes when betting often result in losing money. No one wants to do that! So, before you get started on your sports betting journey, these pages may help you find answers to any questions you may have:

For more betting help, learn how to bet on college football games online.

Additional College Football Futures Markets

Heisman Trophy Odds FAQ’s

Is betting on Heisman Trophy odds legal in the US?

Betting on Heisman Trophy odds is legal in the US but only in states with legal sports betting.

Where can I bet on Heisman Trophy odds online?

You can bet on Heisman Trophy odds on the legal sports betting apps that are licensed to operate in your state.

How old do I need to be to bet on the Heisman Trophy?

The legal age varies from state to state. But the legal age to bet on the Heisman Trophy in most states is 21. It is, however, 18 in a couple of states and at some retail sportsbooks located on tribal land.

Who is the current Heisman Trophy favorite for 2023?

Caleb Williams is the current favorite to win the Heisman Trophy this season.

When will the 2023 Heisman Trophy be awarded?

The Heisman Trophy will be awarded in early December, after conference championship games and before bowl games get underway.

About the Author
DJ Corrigan

DJ Corrigan

DJ Corrigan is a sports betting writer for Gaming Today and has been covering the world of wagering since his days at Ohio State University. Corrigan's love of betting the Over and chasing the hungry dogs has led him to a career crunching numbers with an emphasis on NCAAF, NCAAB, NFL, and MLB betting.

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