The college football season is a few weeks in, and the Heisman Trophy market has shifted a fair amount — just not at the top.
The latest: Reigning Heisman winner Caleb Williams is back under centre for USC, making him a logical favourite to win. Notre Dame's Sam Hartman has really impressed in the early going with his new team, and now a massive showcase awaits him. Also, it's time to stop sleeping on Colorado QB Shedeur Sanders.
Here are the latest Heisman Trophy odds ahead of Week 4.
Heisman Trophy odds
Check out the latest odds to win the Heisman. Click linked odds to add selection to betslip.
| Player | Odds (Sept. 20) | Preseason odds |
| Caleb Williams (USC) | +380 | +500 |
| Michael Penix Jr. (Washington) | +450 | +1,700 |
| Quinn Ewers (Texas) | +550 | +1,100 |
| Sam Hartman (Notre Dame) | +1,000 | +3,000 |
| Jordan Travis (Florida St.) | +1,500 | +1,500 |
| Jayden Daniels (LSU) | +2,000 | +1,400 |
| JJ McCarthy (Michigan) | +2,500 | +2,000 |
| Bo Nix (Oregon) | +2,500 | +2,000 |
| Tyler Van Dyke (Miami FL) | +3,000 | N/A |
| Dillon Gabriel (Oklahoma) | +3,500 | N/A |
| Shedeur Sanders (Colorado) | +3,500 | N/A |
| Drew Allar (Penn St.) | +4,000 | +2,500 |
| Marvin Harrison Jr. (Ohio St.) | +4,500 | +2,500 |
| Drake Maye (UNC) | +4,500 | +2,500 |
| Joe Milton (Tennessee) | +3,500 | +3,500 |
| Blake Corum (Michigan) | +5,000 | +3,500 |
| Kyle McCord (Ohio St.) | +5,500 | +4,000 |
| Carson Beck (Georgia) | +5,500 | +1,700 |
Best Heisman Trophy odds
The favourite: Caleb Williams (+380)
Williams is in a perfect position to light up the stat sheet over and over this season.
Not only is he in his third season with certified quarterback whisperer Lincoln Riley (initially at Oklahoma, then at USC last year), but he's also the top dog in a conference not known for defensive prowess.
The Trojans tend to play in a lot of shootouts, and Williams is happy to fire his pistol.
Last year, he finished third in the country in passing yards (4,537) and first in passing TDs (45) while only throwing five interceptions. That helped him run away with the Heisman, nabbing 544 of a possible 863 first-place votes.
Williams has made it look impeccably easy through three games, as he boasts a 78.6% completion rate and 12:0 TD-to-INT ratio.
The only back-to-back Heisman winner is Ohio State's Archie Griffin, and that was way back in 1974-75. Williams could have an uphill battle with voter fatigue, but he also has the talent to overcome that.
Other Heisman choices
Best value: Shedeur Sanders (+3,500)
Many people thought Colorado's Deion Sanders era would be a joke. But who's laughing now?
Led by Deion's son, Shedeur, the Buffaloes are No. 19 in the AP poll. The Colorado QB is second in the nation in passing yards (1,251) and fourth in completion percentage (78.7%).
Sanders will play many of the same traditionally porous defences as Williams, and right now his stats are holding up with the projected No. 1 pick in next year's NFL draft. So this could get interesting.
And did we mention they'll face each other on Sept. 30?
In the preseason, Sanders was too far down our odds leaderboard to be reasonably considered. But now, at 35-to-1, he has a fairly compelling case.
Player to watch: Sam Hartman (+1,000)
Hartman has passed all of his tests so far, posting a 13:0 TD-to-INT ratio through four wins for the Fighting Irish.
But now a substantial test — perhaps the biggest of the whole season — awaits with this Saturday's night game against Ohio State.
It's a battle of two top-10 teams, and it's an opportunity for the sixth-year senior to prove he belongs in the Heisman conversation. Hartman's odds have already been slashed from 30-to-1 down to 10-to-1, but they'll certainly tighten again if he dazzles against the Buckeyes.
Then again, Hartman is one dud game away from potentially being an afterthought. A lot rides on Saturday night.