CFP rankings reveal: Breakdown, odds for playoff contenders

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The College Football Playoff selection committee revealed its initial rankings for the 12-team playoff Tuesday night.

The top four seeds and first-round byes will be determined by the winners of next month's conference championships, while the committee will decide the other eight seeds.

With potential regular-season upsets on the horizon and bid-stealers lurking, we broke down the committee's rankings and each team's odds to make the playoff.

1. Oregon (9-0)

Oregon earned the top seed thanks to its unblemished record, which includes a win over Ohio State. The Ducks will be heavy favorites in their final three games against Maryland, Wisconsin, and Washington.

If Oregon finishes the season undefeated and wins the Big Ten championship, the Ducks will retain the No. 1 spot.

2. Ohio State (7-1)

Ohio State became the favorite to win the national title following its road win over Penn State. The Buckeyes are also still favored to claim the Big Ten despite falling to Oregon in a Week 6 thriller. Assuming Oregon and Ohio State win out - the latter's only remaining difficult matchup is against Indiana - they'll play again in the Big Ten title game to determine a first-round bye and the No. 1 overall seed.

Ohio State has attracted significantly more money and bets to win the national title than any other program.

3. Georgia (7-1)

Georgia likely would've been No. 1 overall if not for its disastrous first half against Alabama. The Bulldogs could still be in contention for the top start if they withstand a brutal schedule with just one loss and win the SEC crown. They've already played three ranked opponents and have pending matchups against No. 16 Ole Miss and No. 7 Tennessee.

Georgia is a lock for the playoff even if it loses another game, but Carson Beck's shaky performances are concerning. Nevertheless, the Bulldogs are tied with Oregon for the second-best odds to win the national championship.

4. Miami (9-0)

Miami has won at least 10 games just once in the last 20 years. The Hurricanes already have nine victories, and they have Heisman favorite Cam Ward under center.

Miami has had a cakewalk schedule in a feeble ACC, and it's only getting easier. Barring an upset, the Hurricanes will waltz into the ACC championship game with a guaranteed top-four seed on the line.

5. Texas (7-1)

Texas' lone loss was to Georgia, but the Longhorns don't have many impressive wins on their schedule. They have the talent to compete amongst the nation's best, but a loss could impact their chances to secure a bid.

Texas has garnered the second-most bets and money wagered to hoist the trophy in January.

In some ways, the 5-seed is a coveted spot. The No.-5 ranked team will play a non-power conference team in the opening round and then be heavy favorites in the quarterfinals against the champion of a lousy Big 12 conference. It's a manageable path to the semifinals.

6. Penn State (7-1)

Penn State has followed a similar script the last few seasons, beating lesser opponents and struggling against the Big Ten's upper tier. But the playoff consists of 12 teams this year instead of four, so losses like the one it suffered to Ohio State last Saturday aren't as detrimental.

The Nittany Lions won't be in the Big Ten championship, but they'll be a mid-seed playoff team.

7. Tennessee (7-1)

Tennessee's upset loss to Arkansas hurt its resume, but it has a pivotal win over Alabama to hang its hat on. The Volunteers still must face Georgia, but they should still qualify for the dance with two losses.

8. Indiana (9-0)

Did anyone expect Indiana to be 9-0 and in prime position to make the playoff? If you say yes, you're lying. The Hoosiers are off to their best start in program history in Curt Cignetti's first season roaming the sidelines in Bloomington. They've also been a money machine for Indiana backers with an 8-1 record against the spread.

However, Indiana hasn't faced a ranked opponent. The Hoosiers finish their season against Michigan, Ohio State, and Purdue. If its only loss is a competitive one to Ohio State, Indiana should earn an unexpected playoff bid after being +1000 to make it when its odds opened after Week 4.

9. BYU (8-0)

Someone has to win the Big 12, right? According to the new format, whoever wins the deep but lousy conference earns an automatic bid and a top-four seed. The Big 12 should be a one-bid league. Right now, undefeated BYU is in the driver's seat.

Iowa State has the second-best odds to win the Big 12 (+260) and is +240 to make the playoff.

10. Notre Dame (7-1)

Don't forget about the Fighting Irish! Many people wrote off Notre Dame after its Week 2 loss to Northern Illinois as 28.5-point favorites, the worst defeat of the season among playoff contenders. Since then, Notre Dame has quietly stacked up wins. It'll earn an at-large bid - it doesn't belong to a conference, so it can't earn an automatic bid - if it wins out.

11. Alabama (6-2)

Alabama controls its fate. It'll earn a trip to the playoff if it beats LSU this weekend as a 3-point road favorite and wins out against lowly competition.

If the Crimson Tide lose to LSU, there's almost no path to sneak into the playoff with three losses, meaning they'd be outside of the expanded playoff picture in the first season post-Nick Saban.

12. Boise State (7-1)

The highest-ranked non-major conference champion earns an automatic bid but not a top-four seed. Boise State's undefeated Mountain West mark has earned it that distinction. Its lone nonconference loss was a three-point defeat to Oregon.

First team out - SMU (8-1)

SMU must win the ACC championship to make the playoff, but it's on a collision course to face Miami in the ACC title game.

Second team out - Texas A&M (7-2)

Texas A&M's loss to South Carolina last weekend hurt its chances, but it'll play Texas in the regular-season finale. A loss would end its bid, but a win could propel it to the dance.

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