Updated Super Bowl Betting Odds: Midseason Edition

Sports bettors start focusing in on Super Bowl odds this time of year, with eight teams already completing half of their 2011 NFL regular season schedule.

The Philadelphia Eagles and Pittsburgh Steelers have been the biggest movers in the betting market the last two weeks, while the New Orleans Saints are now being offered above +1000 on the odds board.

Let's take a closer look at 22 teams that bookmakers still believe have a shot at lifting the Lombardi Trophy in February.

Washington Redskins (+20500)

The Washington Redskins are suffering through a three-game losing streak and play in arguably the most competitive division in football.

John Beck and Rex Grossman are the options at quarterback—not exactly making me run to the betting window with the team ranking 26th in points scored.

The Redskins have an outside shot of making the playoffs, but there will be no partying at the White House next year.

Tennessee Titans (+7550)

Tennessee Titans star running back Chris Johnson ranks 34th in the NFL in averaging 43.1 rushing yards per game.

Not many experts around the league would anticipate the team having a 4-3 record heading into Week 9 with those numbers, especially with wide receiver Kenny Britt lost for the season.

The Titans are a definite value if you feel that Johnson will turn things around in the second half of the season.

Tampa Bay Buccaneers (+7050)

The Tampa Bay Buccaneers are not winning the Super Bowl when they failed to make the playoffs with quarterback Josh Freeman and his 95.9 quarterback rating from a year ago.

That number has fallen to 73.1 through seven games of the 2011 campaign.

The Bucs are a Super Bowl sleeper for the 2012 season due to being one of the youngest teams in the NFL.

Kansas City Chiefs (+6500)

The Kansas City Chiefs deserve congratulations for winning one of the sloppier Monday Night Football games in recent memory, but they are not going to win the title this year despite turning their season around.

Definite props to third-year head coach Todd Haley for bringing his squad back from the dead—just not buying into it.

Kansas City does have a chance of capturing the AFC West division due to already playing San Diego twice and beating Oakland.

Cincinnati Bengals (+6000)

The Cincinnati Bengals are 5-2 on the season and the schedule gets tougher with the Baltimore Ravens and Pittsburgh Steelers ahead.

Those four games will likely bring rookies Andy Dalton and A.J. Green down to earth, but this is a definite player within the AFC North for years to come.

The Bengals are a great value if you believe in the fourth-best defense in the NFL up to this point.

Chicago Bears (+5750)

The Chicago Bears are just the third choice out of the NFC North to win the Lombardi Trophy, but don't fall asleep on this team.

Running back Matt Forte is playing for a new contract and quarterback Jay Cutler just needs some time in the pocket.

The secondary is terrible (28th in the league against the pass), something that may not matter outdoors in colder weather come playoff time.

Oakland Raiders (+5050)

The Oakland Raiders have fallen into a rather unique situation, acquiring a former number one pick to be their quarterback, but I'd be more open to betting on this team if he'd been there from the beginning.

Carson Palmer can only improve off of a disastrous three-interception effort against the Kansas City Chiefs, while the running game is one of the best in the league.

There is no question that the franchise is going for it, especially with the passing of owner Al Davis just a few weeks ago.

Atlanta Falcons (+2550)

The Atlanta Falcons are flying under the radar after getting knocked out of last year's playoffs as the NFC's number one seed.

Bettors will likely want to get down on this team before Sunday's kickoff, facing the winless Indianapolis Colts, driving the betting odds down further with a victory.

Now is the time to buy if you're interested.

The team is balanced statistically, ranking in the middle of the pack in both offense (17th) and defense (16th).

Buffalo Bills (+2550)

The Buffalo Bills in the Super Bowl would be an interesting story and their fifth-ranked rushing attack can certainly make some noise in the playoffs.

It's also important to note that quarterback Ryan Fitzpatrick is playing with a ton of confidence after receiving a new contract, while not having to face a revenge-minded New England team until Week 17.

That may actually be an advantage if the Patriots have things wrapped up.

I'm taking a wait-and-see approach with this team.

New York Jets (+2550)

The New York Jets are averaging 50 fewer yards on offense than a year ago, while ranking 25th against the run.

In a passing league, quarterback Mark Sanchez just isn't ready to get them past the hump of the AFC Championship Game—losing in that contest the past two years.

Don't you worry—Jets head coach Rex Ryan is already declaring his team Super Bowl champions next season.

Dallas Cowboys (+2250)

Simply throw out the 34-7 defeat to the Philadelphia Eagles last week and look at the numbers.

The Dallas Cowboys rank eighth in total offense and ninth in total defense.

Expect defensive coordinator Rob Ryan to be focused for the rest of the 2011 campaign after watching his unit get destroyed by a rested Philadelphia squad.

I'd throw a couple dollars in this team's direction.

New York Giants (+2250)

In a passing league, a team defense that ranks first in sacking the opposing quarterback is more than playable in winning the Super Bowl.

New York Giants quarterback Eli Manning is also enjoying a better year, throwing for 2,127 yards with 13 touchdowns and just five interceptions through seven games.

Problem is—bettors are going to have a hard enough time as it is figuring out who wins the NFC East.

Detroit Lions (+1875)

I feel for bettors that jumped in at lower betting odds to play this team after five weeks of the season, as tough games against San Francisco and Atlanta were up ahead.

Just like the stock market—buy low, sell high.

Now is not the time to buy, with a road trip to Chicago up ahead.

Beating the Tim Tebow-led Denver Broncos doesn't impress me.

Houston Texans (+1450)

Tremendous value on this team due to ranking within the top seven in both total offense and defense, while also sitting atop a division that will not be won by the Indianapolis Colts.

I was a bit concerned with the defense after losing linebacker Mario Williams for the season, but it hasn't affected them to this point.

Many around the league have been waiting for the Houston Texans to break out due to their talent over the past couple years.

Now is the time to jump in if you're a believer.

San Diego Chargers (+1450)

The San Diego Chargers are the most difficult team to handicap in the National Football League, which is a major reason why I'd never wager on them to win the Super Bowl.

Every week it's something new and I don't want any part of it.

Next.

San Francisco 49ers (+1250)

The San Francisco 49ers are in position to coast into the playoffs by winning their division, giving any wager on them value.

If you believe running back Frank Gore can stay healthy and quarterback Alex Smith can win a Super Bowl—than you have a wager to make.

Head coach Jim Harbaugh has this team headed in the right direction.

New Orleans Saints (+1150)

You never want to watch your preseason Super Bowl pick lose a game as a 13.5-point favorite, but that's exactly what happened to the New Orleans Saints in St. Louis last week.

I'm still a believer in a team that ranks second in the league in scoring, and am potentially buying more at this price before the Saints kick off in a revenge game against the Tampa Bay Buccaneers Sunday.

Baltimore Ravens (+1050)

The NFL's best defense in terms of total yards always gives a team a chance, unless your quarterback is Joe Flacco.

I'm not a believer.

Then again—this franchise won a ring with Trent Dilfer under center, but linebacker Ray Lewis was also much younger.

Philadelphia Eagles (+975)

From an investment perspective, somebody would be crazy to grab this number on an NFL team that is one game under .500 heading into Week 9.

So many things could still go wrong despite the electrifying performance against the Dallas Cowboys last Sunday night.

There's also another way of looking at it—the betting odds provide better value than what was being offered before the regular season started.

Pittsburgh Steelers (+675)

The Pittsburgh Steelers have rattled off four wins in a row, including an impressive 25-17 victory over the New England Patriots last week.

That will destroy value in the betting market for any team with a winning record at this point.

It's always dangerous to make a run at appearing in the Super Bowl, but the odds could rise if the team fails to beat the Baltimore Ravens on Sunday.

I'd personally hold out for a better number.

New England Patriots (+445)

New England Patriots quarterback Tom Brady likely looks down at the ground and wonders if he can win a Super Bowl with the 32nd-ranked defense on the other side.

I don't think it's possible.

Do you?

There is no value in betting a team that allows an astronomical 323.1 passing yards per game in a league that is dominated by signal-callers these days.

Green Bay Packers (+255)

The Green Bay Packers are the favorites to lift the Lombardi Trophy for a second consecutive year, but the defense has failed to perform at the same level despite being the NFL's only undefeated team.

Quarterback Aaron Rodgers is the best player in football, which may be enough to get it done.

There is, however, more value found on other teams.