College Football Championship Odds: Who Are the Favorites Heading Into the 2023 Season?

We may still be a few weeks away from fall practice, but it's never too early for an NCAA Football Championship odds update.

Here are the 20 teams with the best odds to win it all, per the college football odds at FanDuel Sportsbook.

Let's break down a few of the squads as well as take a look at some possible betting values.

1. Georgia (+220)

Two-time defending champion Georgia is the overwhelming favorite to hoist the National Championship trophy yet again in 2023. Georgia blew through a majority of their opponents last year -- most notably defeating TCU 65-7 in the National Championship. The Bulldogs return the three leading tacklers from one of the most dominant defenses in recent memory and will have 13 starters back from last year's 15-0 team.

They face some question marks on the offensive side of the ball, particularly at the quarterback position. However, with an experienced offensive line and one of the best receiving corps in the country, Georgia should have little trouble finding success again in 2023.

2. Alabama (+600)

Alabama may have been surpassed as the NCAA heavyweight over the past two seasons, but make no mistake: the Crimson Tide are still a serious championship contender in 2023. The 2020 national champs finished with an 11-2 record last season and won the Sugar Bowl in blowout fashion: 45-20 over Kansas State.

Question marks surrounding Alabama mostly have to do with their lack of experience. The Crimson Tide return just nine starters in 2023 and rank 125th out of 133 teams in terms of returning production, per ESPN's Bill Connelly. That said, Alabama has one of the largest talent pools in the country and is an obvious contender in 2023.

3. Ohio State (+700)

Ohio State hasn't hoisted the National Championship trophy since 2014, but with five trips to the College Football Playoff (2014, 2016, 2019, 2020, 2022), the Buckeyes have been one of the most consistent programs in the country.

Despite failing to reach the Big Ten Championship game last year for the first time since 2016, Ohio State snuck into the Playoff as the No. 4 seed -- where they lost a heartbreaker to Georgia by a score of 42-41 in the Peach Bowl.

Ohio State will have to replace their quarterback but otherwise return 13 starters in 2023. The Buckeyes may have the best offensive weapons in the country and will be a serious contender yet again this season.

4. Michigan (+1000)

Despite a few close calls along the way, Michigan went undefeated through the 2022 regular season. They won the Big Ten regular season and championship game with ease before dropping a heart-breaker to TCU in the Fiesta Bowl. Although Michigan couldn't finish the job in the Playoffs, it was a top-notch season for Michigan and marked the Wolverines' second consecutive College Football Playoff appearance.

Michigan returns 13 starters in 2023, including almost all of their impact players. The Wolverines rank fifth in returning production among all 133 FBS teams, according to Connelly. Boasting one of the country's best rushing attacks, Michigan should contend again in 2023.

5. LSU (+1000)

Rounding out the top five, the SEC-West winners, LSU, could be in for a major leap in Year 2 under Brian Kelly. The Tigers got off to a rough start a year ago but took care of business during SEC play before being blown out of the Conference Championship game, 50-30, by Georgia.

LSU returns 13 starters in 2023 -- 8 of which come on the offensive side of the ball. That should be their strength as the Tigers rank 10th in returning offensive production, per Connelly.

Their schedule won't do them any favors, nor will playing in the SEC West again. However, the 2019 Champs boast top-end talent across the board and should contend again in 2023.

Notable Values

We're still a few weeks away from the first AP Poll, however, ESPN's College Football Power Index (FPI) at least provides a baseline for where teams will stand in 2023.

Looking strictly at FPI, Texas stands out right away as a team with value. The Longhorns sit at No. 5 in FPI but hold just the ninth-best odds (+2500) to hoist the National Championship trophy.

Notre Dame (+3000) is another program FPI likes more than the betting market does. The Fighting Irish sit at No. 9 in FPI but hold the 12th-best odds to win it all.

Last but certainly not least, Oklahoma (+6000) looks like an incredible value -- at least in comparison to their FPI standing. The Sooners have the 17th-best odds to win the National Championship but sit at No. 11 in FPI.

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.