Heisman 2023 Odds: Tips on the Favorites and Best Values for Week 5

The quarterbacks of the Pac-12 dominated the Heisman Trophy conversation to start the 2023 college football season.

Michael Penix Jr. moved into the role of co-favorite alongside Caleb Williams after he led the Washington Huskies to yet another high-scoring blowout victory.

Williams, the reigning Heisman winner and preseason favorite, saw his list of contenders inside the Pac-12 grow in Week 4.

Oregon Ducks quarterback Bo Nix threw his name into the Heisman conversation with a massive performance against the Colorado Buffaloes.

The Oregon-Colorado game also took Shedeur Sanders' name out of the Heisman conversation for the time being.

Penix, Williams and Nix are three of the four betting favorites for the Heisman entering Week 5. Texas Longhorns quarterback Quinn Ewers is the only non-Pac-12 representative at the top of the odds board.

The list of favorites may not change after Week 5, but one or two quarterbacks should increase their odds of being invited to New York with impressive showings in the weekend's biggest games.

Updated Heisman Trophy Odds

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TEMPE, ARIZONA - SEPTEMBER 23: Quarterback Caleb Williams #13 of the USC Trojans throws a pass during the first half of the NCAAF game against the Arizona State Sun Devils at Mountain America Stadium on September 23, 2023 in Tempe, Arizona. (Photo by Christian Petersen/Getty Images)

For the latest Heisman odds, go to DraftKings.

Michael Penix Jr. (+400; bet $100 to win $400)

Caleb Williams (+400)

Quinn Ewers (+600)

Bo Nix (+1000)

Jordan Travis (+1200)

Jayden Daniels (+1800)

Sam Hartman (+2200)

Dillon Gabriel (+2500)

Tyler Van Dyke (+3000)

Kyle McCord (+3000)

Drake Maye (+3500)

Drew Allar (+3500)

J.J. McCarthy (+3500)

Favorites

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SEATTLE, WASHINGTON - SEPTEMBER 02: Michael Penix Jr. #9 of the Washington Huskies warms up before the game against the Boise State Broncos at Husky Stadium on September 02, 2023 in Seattle, Washington. (Photo by Alika Jenner/Getty Images)

Penix has been on Williams' heels for most of the season.

The odds makers inched the Washington quarterback closer to the reigning Heisman winner over the last few weeks, and they finally brought him level after Week 4.

Penix leads the FBS with 1,636 passing yards. No other quarterback has more than 1,410 yards through the air.

Penix's top wide receiver, Rome Odunze, is second in the FBS with 544 receiving yards, and he could receive some Heisman buzz if the Huskies keep up with their high-scoring performances.

Washington has three weeks until its first major test against Nix and Oregon on October 14. Penix should put up another set of high totals on Saturday against the Arizona Wildcats.

Williams and USC are building to their own massive clash on October 14 against the Notre Dame Fighting Irish.

Williams is expected to put up massive numbers on the Colorado defense, just like Nix did in Week 4, on Saturday in Boulder.

A strong showing against a weak defense is expected for Williams, so anything other than a struggle will affect his Heisman odds after Week 5.

Ewers has the toughest Week 5 matchup at home against the 24th-ranked Kansas Jayhawks, but it may not be as difficult of a game as it suggests on paper since Texas put up 55 points on Kansas last year.

Best Values

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DURHAM, NORTH CAROLINA - SEPTEMBER 04: Riley Leonard #13 of the Duke Blue Devils drops back to pass against the Clemson Tigers during the first half of the game at Wallace Wade Stadium on September 4, 2023 in Durham, North Carolina. (Photo by Lance King/Getty Images)

You never thought that the quarterback of the Duke Blue Devils would be mentioned in the Heisman mix.

That is the reality for Riley Leonard entering Week 5.

Leonard, who is listed at +7000, can catapult himself into the conversation if he leads Duke to a win over Notre Dame on Saturday night.

Conversely, Sam Hartman can revive his Heisman campaign with a strong showing on the road. His path to the Heisman top four is through a win on Saturday and a victory over USC in three weeks.

Leonard does not have outstanding numbers, but he has one big scalp at home on his resume over the Clemson Tigers.

If Leonard leads Duke to another Top 25 home win, he will at least have to be mentioned in the conversation because of how valuable he is to the Blue Devils.

Georgia's Carson Beck is the other long shot to watch in Week 5. The Bulldogs face their first true road test against the Auburn Tigers.

If Beck has a big game through the air, he could inch up from +4500. The expectation is for Georgia to be undefeated going into the SEC Championship Game, so if Beck improves his personal totals, he could at least find himself in the mix to be named as a finalist.

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