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Heisman odds: USC QB Caleb Williams builds gap after Trojans' win over Colorado

The Heisman Trophy is college football's most prestigious individual award and one of the biggest awards in sports. Since 1935, the award's been given to the best player in the NCAA's Football Bowl Subdivision (FBS).

USC quarterback Caleb Williams is the defending Heisman Trophy winner, earning the award during his breakout sophomore season. This fall, he is looking to become the first repeat winner in nearly 50 years, when Ohio State running back Archie Griffin captured two straight Heisman Trophies in 1974 and 1975.

Here's how the latest Heisman Trophy odds look, as of Tuesday, Oct. 3, with odds from BetMGM. Interested in future bets, you can find the most popular ones in 2023:

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1. QB Caleb Williams, Jr., USC (+175)

Last week: T-1 (+350)

What a performance this week from the defending Heisman winner. No. 7 USC jumped out to a 34-14 lead by halftime and held off a late comeback to win 48-41 and stay undefeated. Williams completed 30 of 40 passes for 403 yards and six touchdowns, both season highs. He did throw his first interception of the season but kept the Trojans' offense humming in the win.

USC heads home for a Saturday matchup against Arizona (3-2, 1-1 Pac-12). Washington quarterback Michael Penix Jr. diced up the Wildcats' defense last week and Williams could have another strong game ahead of a road matchup with Notre Dame (4-1).

Colorado Buffaloes quarterback Shedeur Sanders (2) meets with USC Trojans quarterback Caleb Williams (13) after the game at Folsom Field in Boulder on Sept. 30, 2023.
Colorado Buffaloes quarterback Shedeur Sanders (2) meets with USC Trojans quarterback Caleb Williams (13) after the game at Folsom Field in Boulder on Sept. 30, 2023.

2. QB Michael Penix Jr., Sr., Washington (+450)

Last week: T-1 (+350)

No. 8 Washington took care of business on the road against Arizona but did things a little differently than usual in 2023. Instead of touchdowns through the air to wideouts Ja'Lynn Polk and Rome Odunze, the Huskies scored all four touchdowns on the ground. The Wildcats took away deep shots so Penix Jr. had to carve them up underneath and with checkdowns. He did so in completing 30 of 40 passes for 363 yards.

His scoreless week compared to Williams' prolific day sees the gap between them grow. The Huskies are off this week so the difference could grow again ahead of a showdown at home against No. 9 Oregon (5-0, 2-0).

3. QB Quinn Ewers, So., Texas (+700)

Last week: 3 (+600)

Ewers stays in third thanks to a standout performance against then-No. 24 Kansas. No. 4 Texas (5-0, 2-0) pulled away in the second half to a 40-14 win behind multiple Ewers touchdowns. He ended the day with 325 yards passing on 25-of-35 passing with one touchdown and one interception. On the ground he had 40 yards and two scores as well.

This Saturday sees the final Red River rivalry game with No. 12 Oklahoma (5-0, 2-0) coming to Austin. Ewers could boost his Heisman odds with another strong showing ahead of the Longhorns' bye week.

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4. QB Bo Nix, Sr., Oregon (+800)

Last week: 4 (+1200)

Nix may still be fourth in odds but he's closed the gap significantly to Ewers and his Pac-12 peers. No. 9 Oregon earned a second straight 42-6 win, this time on the road against Stanford. He went 27 for 32 with 290 yards and four touchdowns passing in addition to 18 yards on the ground.

The Ducks are also on a bye this week, before their showdown on the road against No. 8 Washington. If he outplays Penix Jr., Nix could see his odds move to third- or even second-best. That tough game precedes games against No. 14 Washington State (4-0, 1-0) and No. 19 Utah (4-1, 1-1).

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5. QB Jordan Travis, Sr., Florida State (+1300)

Last week: 5 (+1300)

Travis stays in the top five as No. 5 Florida State was on a bye last week. This week, the Seminoles have their home conference opener against Virginia Tech (2-3, 1-0). The Hokies snapped a three-game losing streak with a 38-21 win at home against Pitt (1-4, 0-2).

On the bubble: QB Sam Hartman, Sr., Notre Dame (+1600); QB Jayden Daniels, Sr., LSU (+1800); QB J.J. McCarthy, Jr., Michigan, QB Dillon Gabriel, Sr. Oklahoma (+2000); QB Tyler Van Dyke, Jr., Miami (+3300)

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This article originally appeared on USA TODAY: Heisman odds: Caleb Williams builds gap over Michael Penix Jr., Quinn Ewers