Latest 2023 Heisman Trophy odds: Caleb Williams remains favorite, Shedeur Sanders climbing

By Nicole Auerbach, Dan Santaromita and Antonio Morales

USC quarterback Caleb Williams remains the favorite to win the 2023 Heisman Trophy through the first three weeks of the college football season, according to BetMGM. Here’s what you need to know:

Heisman odds (per BetMGM)

1. Caleb Williams (+450)

2. Jordan Travis (+950)

2. Michael Penix Jr. (+950)

4. Quinn Ewers (+1100)

5. J.J. McCarthy (+1500)

6. Bo Nix (+1900)

7. Drew Allar (+2100)

8. Shedeur Sanders (+2600)

8. Sam Hartman (+2600)

10. Joe Milton III (+3100)

10. Kyle McCord (+3100)

10. Marvin Harrison Jr. (+3100)

10. Dillon Gabriel (+3100)

14. Travis Hunter (+3600)

The Athletic’s instant analysis:

An exciting Heisman race ahead

They don’t hand out the Heisman in September, so I’m hesitant to overreact to early odds. But it’s clear that the race is shaping up to be far more interesting than any of us anticipated, say, three weeks ago. I would not have predicted any Colorado players to have actual decent odds — and there are two! And they’re walking highlight reels!

It’s always important to remember that the Heisman can be won or lost in high-profile matchups, when the eyes of the nation are upon these players. So, Hartman, McCord and Harrison will have a big opportunity in South Bend on Sept. 23. Sanders and Hunter will get the spotlight against Oregon (and Nix) on Sept. 23 and then USC (and Williams) the following week. We’ve got a fun couple of weeks coming up, with both massive team and individual player implications. — Auerbach

Evaluating the odds through the first 3 weeks

Williams was the betting favorite to win the Heisman Trophy before the season and after three games, he is still the favorite with slightly shorter odds. The other contenders are starting to emerge with Jordan Travis and Michael Penix Jr. moving up a bit to be right after Williams in the odds.

The Colorado duo of Hunter and Sanders are the two most bet on players on BetMGM in terms of tickets, although Williams still has more money on him than anyone else. Hunter “only” had three catches for 73 yards yesterday against Nebraska. Playing nearly every snap and being a dynamic playmaker on both sides of the ball is incredibly impressive, but Hunter will have to put up monster numbers to be able to overcome how quarterback-dominant the Heisman has become. Ohio State wide receiver Marvin Harrison Jr. is the only other non-QB in the top 20 of the odds. Sanders, meanwhile, looks like a real contender, although it remains to be seen if Colorado will win enough for a serious Heisman campaign. — Santaromita

How has Williams looked during his repeat Heisman bid?

Caleb Williams hasn’t done anything to lose his spot as the Heisman front runner. He’s making the memorable, highlight-reel plays every week. And the numbers are impressive. Williams has thrown for 878 yards, 12 touchdowns and no interceptions while completing 78.6 percent of his passes. Williams hasn’t been in the spotlight because two of his games have been on the Pac-12 network and USC hasn’t played any high-profile teams but he’ll have plenty of prime-time opportunities over the rest of the season. — Morales

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(Photo: Kirby Lee / USA Today)

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