Odds, insights for teams to make expanded College Football Playoff

The revamped College Football Playoff is officially a 12-team event.

Major conference champions earn an automatic bid and a first-round bye. The selection committee will determine the remaining participants.

Each regular-season game now has less importance thanks to the new postseason format. Multiple losses previously disqualified you from competing for the title. Now, programs can afford two defeats and still qualify with the right brand recognition and resume.

Let's look at the top four conferences and their programs' odds of making the playoffs.

Note: Not all teams are listed in each conference.

SEC odds to make/miss CFP

Georgia is college football's pre-eminent program. The Bulldogs should have no problem waltzing into the playoff with a stacked defense and Heisman contender Carson Beck under center.

Alabama has its longest preseason championship odds since 2008 as it gears up for its first season without Nick Saban in 18 years. Bettors believe in Kalen DeBoer as Alabama's received the third-most bets to make the playoff at theScore Bet and ESPN Bet.

However, gamblers feel the opposite about Texas in its first year in the SEC. The Longhorns are at the top of SEC and national champion oddsboards but are the second-most-bet team to miss the playoffs entirely.

The expanded playoff could be an advantage for powerful SEC schools, potentially leading to as many as four SEC programs earning a bid.

Big Ten odds to make/miss CFP

As a perennial top-10 unit that never had the resume to earn a trip to the four-team playoff, Penn State might benefit the most from the expanded playoff. It finished the last two regular seasons with two losses - to powerhouses Michigan and Ohio State.

James Franklin's squad has yet to emerge on the same stratosphere as the Wolverines or Buckeyes. Now it can qualify for the playoff without reaching that level.

Ohio State has the highest implied probability of making the playoff and the second-best odds to win the national title. The additions of quarterback Will Howard and offensive coordinator Chip Kelly should position the Buckeyes as the nation's best offense.

Michigan is due for regression following its national title and Jim Harbaugh's departure. The Wolverines made the playoff the last three seasons, but oddsmakers are giving them a 40% chance of qualifying for this year's 12-team dance.

Bettors are banking on a down year from the Big Ten's annual contenders. Michigan has the most bets to miss the playoffs, while Ohio State and Penn State have received the third- and fourth-most action, respectively.

Iowa has the most bets to make the playoffs despite a 14% implied probability. The Hawkeyes had the country's worst offense last season but still won 10 games with a dominant defense. Iowa could sneak into the playoff with only one ranked opponent on its schedule and a slightly upgraded offense under a new coordinator.

Of the conference's newcomers - Oregon, Washington, USC, and UCLA - the Ducks are the only team projected to make the playoff. They have the third-best odds to win the national championship.

Big 12 odds to make/miss CFP

Without Texas and Oklahoma, there's no prohibitive favorite to win the Big 12. It'd be shocking if any Big 12 team besides the conference champion qualifies for the playoff.

Kansas State will contend for the conference crown, but Utah is the most talented group with a healthy Cam Rising returning at quarterback. The Utes are the favorite to win the Big 12 and the second-most-bet unit to make the playoff.

Colorado's hype train should crash even quicker than last season, but bettors are still banking on Deion Sanders' squad. The Buffs are the fifth-most-bet team to make the playoff. With a win total of 5.5, you're better off buying a ticket to the local carnival than placing a wager on Colorado's circus.

ACC odds to make/miss CFP

*Notre Dame is an independent school but mostly plays ACC opponents.

Dabo Swinney's refusal to commit to the transfer portal has led to Clemson's downfall. However, the Tigers could change their perception with playoff appearances. They slightly trail Florida State as the ACC favorites.

Miami has its most talented roster in years, starting with transfer quarterback Cam Ward. The Hurricanes could qualify for the playoff with their talent and an absurdly easy schedule that features Florida State as their only ranked opponent.

Even without a conference, Notre Dame is a consistent contender. It has an undemanding schedule that could catapult the program into the playoff picture.

The ACC isn't a football conference, but its top-end teams could make noise in the new playoff format.

Sam Oshtry is a sports betting writer at theScore. You can follow him on X @soshtry for more betting coverage.