2023 Heisman Trophy Odds: Can Caleb Williams Defend Heisman Coat?

Caleb Williams followed head coach Lincoln Riley to USC and boy, did it pay off. 

The sophomore signal-caller threw for 4,537 passing yards with 52 total touchdowns and just five interceptions in a Heisman Trophy-winning campaign that saw the Trojans just miss out on the College Football Playoff.

Now entering his junior season, college football odds have Williams listed as a +400 favorite to once again bring home the hardware, with a handful of other stud quarterbacks also in the mix. 

We break down the favorites and more in our full 2023 Heisman Trophy odds update below.

Odds to win the 2023 Heisman Trophy

Team	Odds to win 2023 Heisman Trophy
Caleb Williams	+400
Drake Maye	+1,000
Michael Penix Jr.	+1,200
Bo Nix	+1,200
Jordan Travis	+1,200
Sam Hartman	+1,500
Drew Allar	+2,000
Jayden Daniels	+2,000
Joe Milton	+2,000
Kyle McCord	+2,000
Cade Clubnik	+2,500
Quinn Ewers	+2,500

Odds courtesy of FanDuel, as of March 15, 2023.

Favorites to win the 2023 Heisman Trophy

Caleb Williams (+400)

Caleb Williams impressed at nearly every stop last season and was rewarded as USC's first Heisman Trophy winner since Matt Leinart in 2004. With one year remaining before he can enter the NFL Draft, Williams is favored to repeat as Heisman — something that hasn't been done since Archie Griffin in 1974-75.

His 2022 counting stats (4,919 total yards, 52 total touchdowns, five interceptions) will be tough to beat but anything close to that combined with what hopes to be a better, more well-rounded USC team next season should have him right back in the mix. 

Drake Maye (+1,000)

While many expected Caleb Williams to thrive in Lincoln Riley's offense, Drake Maye lighting up the ACC was much more surprising. 

The 6-foot-4 QB threw for 4,321 yards with 38 TDs and just seven INTs in UNC's high-flying offense, but he also added nearly 700 yards and seven TDs on the ground... as a freshman.

With a year of experience under his belt, Maye will surely be able to build on last year's campaign. As such, it's no surprise to see him in the mix at open.

Michael Penix Jr. (+1,200)

Like Williams, Michael Penix Jr. thrived in his new home after transferring to Washington from Indiana in 2022. 

The junior finished second in the nation in passing yards and threw for 31 TDs against just eight picks in a surprising 10-2 campaign for the Huskies. 

Returning for his senior season and with much of the offensive core still intact, the Huskies will surely be in the mix for a Pac-12 title — putting more eyes on Penix Jr. in the process.

Understanding Heisman Trophy odds

Most sportsbooks will display odds in the American format as listed above. When Caleb Williams separated from the Heisman Trophy pack at the end of the 2022 season, his odds had a minus (-) sign ahead of the number. 

• Caleb Williams (-1,600)

That meant that a bettor had to wager $1,600 to win $100 by betting on Williams. Since this year's race is in the earliest stages, there is no odds-on favorite, and candidates currently have a (+) sign in front of their number.

• Drake Maye (+1,000)

Here, a bettor stands to profit $360 for every $100 wagered on Stroud. 

If American odds aren't your thing, simply use a tool like our odds converter to switch the odds to decimal or fractional format. Most online sportsbooks also give you the option to change the odds format that you see.

Heisman Trophy winners by position

Running backs won the Heisman Trophy 11 straight times from 1973 to 1983.

Heisman Trophy betting trends

Here are a few trends to keep in mind before placing a bet on college football's biggest individual award.

• Quarterbacks have dominated this award over the last 21 years with 17 Heisman winners playing under center. Only one non-skill position player has ever won this prestigious trophy (Charles Woodson in 1997) and the last wide receiver to take home the award prior to DeVonta Smith was Desmond Howard in 1991.

• The Heisman trophy winner usually comes from a team with a shot at winning the national title. Since 2000, 14 Heisman trophy winners have played for teams that made it to the national championship game (including Reggie Bush, who later had his trophy vacated for breaking NCAA rules). If you're handicapping the Heisman you might want to consider looking at which teams have the best chance of winning the title on the NCAA futures odds board.

• Historically, seniors dominated this award. But even though DeVonta Smith won the Heisman in 2020, he is one of only three seniors to win the Heisman in the last 15 years. Over that span, two freshmen, five sophomores, and five juniors have claimed the prize.

Hesiman Trophy history

Heisman Trophy Odds FAQs

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