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Michael Penix Jr. overtakes Caleb Williams as Heisman Trophy favorite in Week 7

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).

This week marks the halfway point in the 2023 season. For the first time, USC quarterback Caleb Williams, the defending Heisman Trophy winner, is no longer leading the odds. But he still has a strong chance 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. 10, with odds from BetMGM.

Interested in future bets? You can find the most popular ones in 2023.

College football Week 6 grades: We're all laughing at Miami after the worst loss of year

1. QB Michael Penix Jr., Sr., Washington (+200)

Last week: 2 (+450)

For the first time all season, we have a new Heisman trophy favorite. And Penix Jr. did it without playing Saturday thanks to the Huskies' well-timed bye week. It came after a 31-24 win on the road against Arizona and ahead of their biggest game of the season so far.

The No. 6 Huskies host No. 8 Oregon Saturday. Kickoff is at 3:30 p.m., ET, giving most of the country a chance to see Penix Jr. and Ducks quarterback and fellow Heisman candidate Bo Nix duel for Pac-12 supremacy.

Bowl projections: Washington moves into College Football Playoff position

2. QB Caleb Williams, Jr., USC (+225)

Last week: 1 (+175)

The Trojans needed overtime to put away Arizona in a close 43-41 win at home. Williams had his worst game of 2023 through the air, completing 14 of 25 passes for 219 yards and one touchdown. His completions, yards, touchdowns, completion percentage (56%), and rating (142.8) were all the worst of 2023 so far. He added three touchdowns on the ground and that keeps him close to Penix Jr. this week.

The No. 9 Trojans are on the road again this week to take on No. 21 Notre Dame. The Irish lost their last game 33-20 against Louisville but struggled to stop the Cardinals' rushing attack in that one. In Notre Dame's two losses in 2023, the defense is averaging 193 yards passing allowed per game. Trojans coach Lincoln Riley may lean on the ground game more than Williams' arm to get the win this week.

Oct 7, 2023; Los Angeles, California, USA; Southern California Trojans quarterback Caleb Williams (13) scores a touchdown against the Arizona Wildcats during the first half at Los Angeles Memorial Coliseum. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports
Oct 7, 2023; Los Angeles, California, USA; Southern California Trojans quarterback Caleb Williams (13) scores a touchdown against the Arizona Wildcats during the first half at Los Angeles Memorial Coliseum. Mandatory Credit: Gary A. Vasquez-USA TODAY Sports

3. QB Bo Nix, Sr., Oregon (+600)

Last week: 4 (+800)

Like Penix Jr., Nix enjoyed a week off and saw his Heisman chances improve. Texas' loss to Oklahoma in the Red River Rivalry game saw Longhorns quarterback Quinn Ewers tumble down the odds for the Heisman Trophy. As a result, Nix gets a bump in both odds and rankings.

This week's road trip to No. 6 Washington is the biggest test of the season so far. It starts a run of games against ranked opponents, with games against No. 19 Washington State and No. 16 Utah coming in the weeks after. This stretch could define Nix's Heisman campaign as well as Oregon's chances of making the College Football Playoff.

4. QB Dillon Gabriel, Sr., Oklahoma (+1200)

Last week: NR (+2000)

Gabriel enjoys the biggest bump in Heisman odds thanks to his standout day against Texas. The dual-threat quarterback completed 23 of 38 passes for 285 yards and a touchdown through the air in addition to 113 yards and a touchdown on the ground. Of the Sooners' 486 yards of offense, Gabriel accounted for 398 of them.

No. 7 Oklahoma stays home for the bye week this Saturday. Depending on the result of Oregon vs. Washington, Gabriel could move up another spot on these rankings.

Oklahoma Sooners quarterback Dillon Gabriel (8) celebrates with OU coach Brent Venables after the Red River Rivalry college football game between the University of Oklahoma Sooners (OU) and the University of Texas (UT) Longhorns at the Cotton Bowl in Dallas, Saturday, Oct. 7, 2023. Oklahoma won 34-30.
Oklahoma Sooners quarterback Dillon Gabriel (8) celebrates with OU coach Brent Venables after the Red River Rivalry college football game between the University of Oklahoma Sooners (OU) and the University of Texas (UT) Longhorns at the Cotton Bowl in Dallas, Saturday, Oct. 7, 2023. Oklahoma won 34-30.

T-5. QB Jordan Travis, Sr., Florida State (+1600)

Last week: 5 (+1300)

Travis' statline from the Seminoles' 39-17 win over Virginia Tech isn't overwhelming: 18 of 24 passing for 170 yards and two touchdowns. But he didn't need to do much in a game where Florida State's running game ran all over the Hokies to the tune of 282 yards and three scores.

The No. 4 Seminoles move up a spot in the rankings after Texas' drop out of the top 10. They host Syracuse this weekend. The Orange have lost their last two games by a combined score of 71-21. A strong game for Travis at home could see him jump up to as high as third in the rankings next week.

Week 6 overreactions: Texas is not back? Louisville is the new TCU?

T-5. QB Drake Maye, So., North Carolina (+1600)

Last week: NR

Maye skyrockets up to a tie for fifth in these rankings thanks to a career day against Syracuse. The No. 12 Tar Heels won 40-7 behind his 497 total yards (442 passing, 55 rushing) and four total touchdowns (three passing, one rushing). It was by far his best game of 2023 and one of the best in his career.

This week North Carolina hosts Miami after the Hurricanes lost thanks to one of the worst coaching blunders in college football. Another strong performance there and he could become a fixture in the Heisman top five for the rest of the season.

On the bubble: QB J.J. McCarthy, Jr., Michigan (+2000); QB Jayden Daniels, Sr., LSU, TE Brock Bowers, Jr. Georgia (+3000); RB Blake Corum, Sr., Michigan (+4000); QB Sam Hartman, Sr., Notre Dame, QB Quinn Ewers, So., Texas, QB Cameron Ward, Jr., Washington State (+5000)

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This article originally appeared on USA TODAY: Michael Penix Jr. the new Heisman favorite over Caleb Williams