College Football National Championship: Michigan Is a Short Favorite Entering CFP

Although subjective, we are officially down to our final four contenders for college football's 2023-24 national championship.

In regards to powerhouse programs like the Michigan Wolverines or Alabama Crimson Tide, the two have been frequent flyers in the CFP; U-M has thrice qualified while 'Bama is making a record eighth appearance. Of course, this will be the last season in the current format, which stood for exactly 10 years (2014-2023).

The Washington Huskies and Texas Longhorns round out the remaining playoff field this year. UDub is making their second-ever playoff trip, last earning a spot in 2016-17. For the 'Horns, this terminal season of the four-team layout will serve as Texas' first, last and only romp in the current version.

With the College Football Playoff still a few weeks away, this week is a fantastic time to review our list of remaining championship hopefuls -- let's dive in.

All college football odds via FanDuel Sportsbook. Odds updated December 26, 2023 at 12:45 p.m. ET

College Football Championship Odds

No. 1 Michigan Wolverines

National Championship Odds: +200

Back in the CFP for the third straight season, Michigan's hopes are as high as ever. Still, the Wolverines are looking for their first national title since Charles Woodson's Heisman season in 1997-98. Now at a perfect 13-0 record, U-M will head west to the Rose Bowl where No. 4 Alabama awaits.

Transparently, oddsmakers seem to like whichever school that wins in Pasadena to go all the way for the national title. At FanDuel Sportsbook, Michigan is the favorite to win the CFP Championship Game in Houston while the Tide currently sits as the second-favorite. With all things considered, is this the year that Wolverines head coach Jim Harbaugh wins the big one?

Michigan (30.17 nERD) is atop the nERD-based power rankings at numberFire. The Wolverines are approaching the one-year anniversary of their most recent loss, falling to the TCU Horned Frogs last New Year's Eve.

Considering U-M is allowing just 16.1 PPG in 2023, they will present a challenge to whoever lines up across from them. When it comes to the looming Rose Bowl versus 'Bama, Michigan is currently a slim 1.5-point favorite.

No. 4 Alabama Crimson Tide

National Championship Odds: +220

As the final team to punch its postseason ticket, Alabama appears ready to rumble for another national title. For that to happen, the Tide will first need to wash over Michigan at the Rose Bowl on New Year's Day. 'Bama head coach Nick Saban will enter as an underdog for the second time in as many games.

Notably, the Crimson Tide managed to upset the back-to-back national champion Georgia Bulldogs for the SEC title last weekend in Atlanta. At that, 12-1 Alabama leapfrogged UGA as well as the undefeated Florida State Seminoles to snag CFP's No. 4 ranking. For some reason, I feel like the rest of the field will regret -- from a competitive perspective -- letting in Saban and the Tide.

Of course, no institution has dominated the CFP era like Alabama has. In the 10 years of the four-team playoff format, the Tide have qualified in every season except two. From there, they have reached the national title game on six separate occasions, winning it all in 2015, 2017 and 2020.

If 'Bama can get by U-M in Pasadena, the Tide will assume the role of national frontrunner. Still, the one team that Alabama lost to in 2023 -- the Texas Longhorns -- is playing in the other side of this year's bracket; a rematch to declare the top team in the nation would be epic, to say the least.

No. 3 Texas Longhorns

National Championship Odds: +250

Folks in Austin and beyond have been claiming "Texas is back" for quite some time now -- it has finally come to fruition in 2023. Glancing back at numberFire's power rankings, the Longhorns (26.06 nERD) are currently rated as the fifth-best team in America.

Behind the momentum of their first Big 12 championship since 2009, can Texas run through the Washington Huskies in New Orleans? That remains to be seen, but the Sugar Bowl odds at FanDuel Sportsbook currently have the 'Horns favored by 4.5 points. Considering UT has been a top-20 scoring side on both offense (36.2 PPG) and defense (17.5 PPG), they will be a handful for any team.

In 2023, Texas has gone 12-1, suffering their lone loss to the Oklahoma Sooners in the annual Red River Rivalry. For head coach Steve Sarkisian, it took him just three seasons at the helm to bring the Longhorns to national contention.

Having gone without a natty since 2005 (dating back to the days of Vince Young and Mack Brown), UT is as anxious as ever for a return to glory. More than anything, Texas would love to enter the SEC in 2024-25 as reigning national champs -- could you imagine?

No. 2 Washington Huskies

National Championship Odds: +650

Sitting at a perfect 13-0, UDub is hot on the path to their second national title in school history. Worth mentioning: the most recent time in which Washington was undefeated this late into the year (1991), they went all the way. Back in the present, do the Huskies have similar magic up their sleeves?

In farewell fashion, Washington won the final Pac-12 Championship Game before 83% of the conference heads for new groupings in the next academic year. Of course, the Dawgs are headed to the Big Ten in 2024-25, and they would absolutely love to bring in another natty with them.

In 2023, the Huskies masterfully navigated through a competitive conference schedule. Showcasing two head-to-head wins over the rival Oregon Ducks (a team numberFire has ranked second in FBS), UDub has definitively earned their CFP No. 2 seed.

As one of the most explosive teams in the nation, Washington has produced a whopping 37.7 PPG over 13 contests. In the current campaign, they scored north of 40 points in six separate games while thrice going for 50-plus. Versus Texas in the Sugar Bowl, UDub is installed as "underdawgs" (+4.5 at FanDuel Sportsbook) for the second time in as many games. Expect head coach Kalen DeBoer to rally the Huskies for their biggest bid of the millennium.

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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.