The Heisman Trophy is one of the most coveted awards in American athletics.

In the modern era, the accolade is typically awarded to the nation's best quarterback, but it is not intended as such -- that would be the Davey O'Brien Award. Still, via the college football odds at FanDuel Sportsbook, we don't see a non-quarterback on the board until the 7th spot (Ohio State Buckeyes receiver Marvin Harrison Jr. at 25-to-1).

For reference, only three players in the past 17 seasons have won the Heisman at a position other than signal-caller. Most recently, wide receiver DeVonta Smith accomplished the feat before going on to shine with the Philadelphia Eagles.

Last year's trophy winner, USC Trojans quarterback Caleb Williams, just saw his current odds lengthen for the second consecutive week. His second loss in as many games is the main reason for the inflation. Williams is now 100-to-1 in the Heisman Trophy odds at FanDuel Sportsbook.

As your new Heisman Trophy market leader, Michigan Wolverines junior quarterback J.J. McCarthy has shined all of 2023. His latest performance was a dandy over the rival Michigan State Spartans, tossing four scores in the 49-0 Wolverine romp in East Lansing.

Let's break down some of the top Heisman candidates to this point in the season and their respective odds to bring home college football's most celebrated individual award. Spoiler alert: they are all from universities currently ranked in the AP Top 25.

All college football odds via FanDuel Sportsbook.

*Denotes 2022 Heisman Trophy winner

Heisman Trophy Odds

J.J. McCarthy, QB, Michigan (+250)

In Ann Arbor and elsewhere, the talk of Michigan potentially being crowned as CFP national champion is beginning to ramp up. Much of the 7-0 Wolverines' success in 2023 has been guided by the hyper-accurate J.J. McCarthy. So far, he has a 93.7 QBR (top mark in FBS) to go along with his completion clip of 78.1%.

Seemingly, both McCarthy and the Wolverines are playing at a high enough level to warrant serious Heisman consideration for the quarterback. Michigan has boasted three previous Heisman winners throughout history -- but none from the signal-caller spot. Defensive back/two-way star Charles Woodson was the most recent winner from Ann Arbor (1997).

Other than a stinker against the Bowling Green State Falcons last month, McCarthy has been masterful in every contest this season. Still, what will looming matchups against the Penn State Nittany Lions and rival Ohio State do to his chances? As with any Michigan year, it will all come down to a battle with the Buckeyes.

Michael Penix Jr., QB, Washington (+300)

Michael Penix Jr. was last week's Heisman odds frontrunner, but after a forgettable performance against the Arizona State Sun Devils, he has been thrust from the top spot. Despite Penix's multi-interception game last weekend, the Huskies still held on for a win. When you consider Washington's strand of upcoming games, Penix will have every opportunity to take back his spot atop the odds.

In order, the Huskies next have the Stanford Cardinal before a gamut of games that feature No. 24 USC, No. 13 Utah and the No. 11 Oregon State Beavers. Of those, the late-season battle in Corvallis will likely be Washington's last true test before judgment.

Undoubtedly, Penix has all the quarterbacking tools to warrant consideration in this market; he is athletic, can deliver the ball from different angles, and works efficiently. At the moment, his 4-to-1 touchdown-to-interception ratio is sharp. Additionally, his 10.0 yards per passing attempt this season is one of the best figures in the country. Still, can all that add up to Penix being named the first Heisman winner in UDub history?

Jayden Daniels, QB, LSU (+300)

Like Penix, Jayden Daniels is another quarterback who gambled on the transfer portal only for it to pay off handsomely. In his second season as signal-caller for the No. 15 LSU Tigers, Daniels is thriving at levels he never did with Arizona State. As it stands currently, FanDuel Sportsbook has him tied with Penix for the second-shortest odds in the Heisman market.

On the year, Daniels is sporting the second-best QBR (91.7) in the nation. Through eight games played, Daniels has already tossed 25 touchdowns to just three interceptions. Candidly, if LSU were a one-loss team (rather than 6-2), Daniels very well could see himself as the outright favorite.

With four regular-season contests remaining, the Tigers toughest test will be next weekend at the No. 9 Alabama Crimson Tide. If Daniels can produce a pivotal performance in that matchup, he will be cooking with gas to bring back LSU's second Heisman Trophy in the past five years. Yes, Joe Burrow's final season in Baton Rouge was certainly one not to be forgotten.

Longer Shots

• Bo Nix, QB, Oregon (+1200)

• Jordan Travis, QB, Florida State (+1200)

• Dillon Gabriel, QB, Oklahoma (+1200)

• Marvin Harrison Jr., WR, Ohio State (+2500)

• Carson Beck, QB, Georgia (+3000)

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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.