In what will be the final season of Pac-12 football as we know it, the University of Southern California enters 2023 as the favorite (+200 at FanDuel Sportsbook) to win the conference championship game come December.

After losing in the Pac-12 title game last season to Utah, the Trojans have not won a conference title in football since 2017 when they narrowly defeated Stanford at Levi's Stadium in Santa Clara.

After USC, Pacific Northwest rivals Oregon and Washington are tied for the second-best odds (+310) to win the 2023 Pac-12 title game.

For the two-time reigning champion Utah Utes, they are fourth on the board at +550. Considering they still have 2022 Pac-12 Championship Game MVP Cameron Rising taking the snaps, Utah looks like a team that offers some value. However, Rising is coming off a knee injury in the Rose Bowl.

Before the 2023 college football season kicks off, let us reflect on a few different underdogs that have a real chance at winning the next Pac-12 championship. Keep in mind -- the conference title game will be played at Allegiant Stadium (home of the Las Vegas Raiders) for the third consecutive year.

Here are the Pac-12 conference championship odds via FanDuel Sportsbook.

*Denotes 2022 Pac-12 Championship Game participant

Utah Utes

FanDuel Sportsbook Odds: +550

As winners of the past two Pac-12 Championship games, the Utes pulled off upsets in both occurrences. After shellacking Oregon in 2021 by a score of 38-10, Utah traded haymakers with USC in 2022, ultimately pulling away from the Trojans, 47-24.

Of highest priority on the gridiron in Salt Lake City is getting star quarterback Cameron Rising back to full strength. He has already announced a return for his fourth season at Utah, but the signal-caller is recovering from an ACL injury suffered in the most recent Rose Bowl against Penn State. With an initial expected return date of mid-August, Rising expressed confidence at last week's Pac-12 media days in Vegas -- all appears on track for him to start against Florida come August 31st.

Outside of Rising's health, the Utes will also be dealing with draft departures from stars Dalton Kincaid and Clark Phillips III. Still, head coach Kyle Whittingham -- who is entering his 20th year at the post (and 30th season overall at Utah) -- employs an expeditious "next-man-up mentality," especially on defense. There is a reason he has built a lifetime 11-5 bowl-game record as Utah's head coach.

Oregon State Beavers

FanDuel Sportsbook Odds: +1100

Head coach Jonathan Smith has made impressive strides at his alma mater. A legend in Corvallis, Smith managed the Beavers to a 10-3 record in 2022, a total which nearly met Oregon State's school record of 11 wins -- a record that Smith set as starting quarterback in 2000 when he was tossing touchdowns to Chad Johnson and T.J. Houshmandzadeh.

Surprisingly, Oregon State has also thrived on defense in recent years under Smith. They were especially stingy last season, allowing just 20.0 points per game -- the 16th-best clip in the nation and tops in the conference. On offense, they are receiving a new quarterback via the transfer portal: DJ Uiagalelei from Clemson.

Oregon State has developed quite a raucous home-field advantage in Corvallis, which is wonderful to see from a program that has only logged 42 winning seasons since World War I. Over the past three years, the Beavs have gone 13-4 at Reser Stadium. Additionally, they enter 2023 riding high off an energetic win over Florida in the Las Vegas Bowl, 30-3. That marked Oregon State's first bowl win since 2013.

UCLA Bruins

FanDuel Sportsbook Odds: +1500

Despite losing five-year starting quarterback Dorian Thompson-Robinson, head coach Chip Kelly should continue to make great strides in Westwood. Can he get the Bruins to their first Pac-12 Championship Game since 2011? UCLA has been twice before, but they were also defeated in 2010 -- by Kelly and the Oregon Ducks, ironically enough.

The Bruins went 9-4 last year, including a 6-3 record through Pac-12 play. Considering that 2023 will be the final season in the conference before joining the Big Ten, the Rose Bowl's home team will look to go out with a bang. Remember, UCLA was a founding member of the Pac-8 way back in 1968.

Last year, Kelly and DTR had the offense churning for 39.2 points per game: second-best in the Pac-12 behind only Heisman winner Caleb Williams and the USC Trojans. Still, the beat goes on for Kelly's spread-option offense. Next up at quarterback for UCLA will likely be Dante Moore, who is a 6-foot-3 five-star true freshman. He has the potential to eventually take the Bruins to new heights. Time will tell if he can do so in 2023.

Longer Shots

Washington State Cougars +5000

The Cougars will have another scrappy bunch in Pullman this season. After a 7-6 campaign in 2022, Wazzu was able to qualify for a bowl game (LA Bowl). The defense should still be a respectable unit in the upcoming season. Last year, the Cougars allowed just 22.9 points per game, which was 38th out of 131 D1 schools. They are returning a few key defensive starters, such as cornerback Chau Smith-Wade and edge rushers Ron Stone and Brennan Jackson.

Signal-caller Cameron Ward will be back for 2023 -- he might not be a Drew Bledsoe or Ryan Leaf, but Ward did sport a 130.7 passer rating last season. Don't rule out Wazzu getting hot this year.

California Golden Bears +6500

In Berkeley, the Bears have been middle of the pack since Jared Goff's final season on campus (2015). Additionally, they have not won a conference football title since Aaron Rodgers was under center (2006). Current head coach Justin Wilcox seemed to be making progress with the group, earning bowl game bids in two of his first three seasons (including thrashing Illinois in the 2019 Redbox Bowl). But there was some regression on defense last season, and the team finished 2022 at 4-8.

In 2023, Cal will hand the keys to the offense to Sam Jackson: a dual-threat transfer quarterback from TCU. He and star running back Jaydn Ott should do well to keep opposing defenses off-balance.

Colorado Buffaloes +15000

As announced over the final week of July, Colorado has elected to return to the Big 12 conference beginning in 2024.

That means there will be just one season of head coach Deion Sanders in the Pac-12. Regardless, the presence of the NFL Hall-of-Famer has some people playing long-shot money (150/1) on the Buffs to win their first and only Pac-12 football title. Early in the preseason, the trendy CU squad has yielded the most bets in the 2023 Pac-12 title winner market at FanDuel Sportsbook.

Last season, Colorado was a cellar dweller with a 1-11 record. Can coach Prime -- and his added talent from Jackson State -- turn things around that quickly in Boulder?

The above author is a FanDuel employee and is not eligible to compete in public daily fantasy contests or place sports betting wagers on FanDuel. The advice provided by the author does not necessarily represent the views of FanDuel. Taking the author's advice will not guarantee a successful outcome. You should use your own judgment when participating in daily fantasy contests or placing sports wagers.