NFL Player of the Year betting: Tight race on both sides of the ball

Since the NFL MVP award (deservedly) turned into a quarterback-only honor, the Offensive and Defensive Player of the Year markets are the best place to find out who bettors believe the league's best players are.

Through five weeks, there are two tight races forming on both sides of the ball. Let's take a look at who's in the mix for these coveted awards.

Offensive Player of the Year odds

Odds via theScore Bet. Players above +4000 not listed.

Christian McCaffrey is the obvious favorite after his sensational start to the season. The 49ers tailback leads the league in rushing with 510 yards and already found the end zone eight times. He's the focal point of an explosive offense on the undefeated 49ers and will earn a ton of votes if his production continues.

To make McCaffrey's case stronger, he's sixth on the MVP oddsboard at +400 behind five quarterbacks, one of whom is his own signal-caller, Brock Purdy. The next closest non-quarterback is Micah Parsons at +5000.

Hot on McCaffrey's tail in the OPOY race is Tyreek Hill. The Dolphins speedster leads the NFL in receiving yards and is tied for the most receiving touchdowns. Like the 49ers, the Dolphins also have one of the league's best offenses, led by MVP candidate Tua Tagovailoa. If everyone in Miami can stay in the field, Hill should be able to maintain this elite level of production and make it a close race with McCaffrey.

But injuries can happen - just ask Justin Jefferson.

Jefferson went from one of the favorites to win the award to +5000 after the Vikings said he'd be put on IR with a hamstring injury. Missing at least four games is detrimental to a player's resume for this award regardless of what they accomplish when healthy.

With that in mind, there could be some value further down the board. McCaffrey doesn't have the cleanest track record when it comes to health.

Keenan Allen is +4000 and is 10th in receiving yards despite playing one fewer game due to a Week 5 bye. If the Chargers can go on a run that many expect from a team led by Justin Herbert, Allen should see a ton of volume in the passing game. With Mike Williams sidelined for the year, Allen could put up some monster numbers.

In that same line of thinking, Austin Ekeler is +10000 and should return from injury in Week 6. He can't afford to miss another game and would need to dominate from here on out, but there are fewer players with as much upside as Ekeler at +10000.

Defensive Player of the Year odds

Odds via theScore Bet. Players above +3000 not listed.

On the defensive side of the ball, a trio of pass-rushers lead the way.

Parsons is the favorite as a member of what some consider the best defense in football. Surprisingly, he's never won the award but was the runner-up each of the past two seasons. If the Cowboys' defense finishes as one of the best groups in the league and Parsons is at - or near - the top in sacks and tackles for loss, it'll be hard for voters to pass on him for the third straight year.

However, Myles Garrett and T.J. Watt are giving Parsons a run for his money, at least in the betting market.

Garrett has 5.5 sacks in four games and is third in the league behind Watt and Nick Bosa in quarterback hits. The Browns' season doesn't look as promising as it did at the beginning of the year, so Garrett may have to put the team on his back if he's going to win this award.

Watt, who won the award in 2021, leads the league in sacks with eight. He tied Michael Strahan's NFL record of 22.5 sacks in his award-winning year and is on pace to surpass that total this season. If Watt breaks his own record, he should earn his second DPOY award.

Bosa at +1500 is interesting. The 49ers look like the best team in football right now, yet there's a chance no one on their offense wins an award. If Purdy doesn't win MVP and McCaffrey gets passed by Hill to win OPOY, then voters may give Bosa back-to-back DPOY titles to somewhat reward San Francisco for a fantastic year.