In the years before Oregon joined the Big Ten, the football program was regularly a force in the Pac-12 and often a national championship contender.
But when the Ducks took flight for the conference in 2024, bettors didn’t follow along.
That seems to be changing in the 2026 Big Ten futures odds market.
“One thing that seems different from previous years is that usually there are no Oregon believers. But right now, Oregon is leading in money bet for this season,” Caesars Sports head of football trading Joey Feazel said. “That’s the big takeaway at the moment. There’s more Oregon love.”
Feazel helps break down where things stand in Big Ten football championship odds, with the start of the season just a month away.
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LIFE’S GREAT AT OHIO STATE
Yes, Indiana is the defending Big Ten and national champion. It’s a great résumé to bring into the 2025-26 season.
But the consensus among oddsmakers is that Ohio State is again the best team.
The Buckeyes are +575 favorites to win the College Football Playoff, so of course, Caesars has the Buckeyes favored in Big Ten football futures.
Still, it’s close, with Ohio State at +175, Indiana at +240 and Oregon +260.
“Ohio State is leading in tickets, and Oregon is right behind,” Feazel said of action on Big Ten odds. “I think Ohio State in the past five years has just been dominant. From that aspect and coaching and talent aspects, they’re clearly the team to beat.”
That said, a big early test looms. In Week 2, on Sept. 12, the Buckeyes travel to Austin for a huge prime-time showdown vs. Texas.
“That’ll be one of the biggest-bet games of the year,” Feazel said.
Granted, that matchup doesn’t impact Big Ten standings, but it could very well impact Big Ten futures odds, depending on how Ohio State shows out.
GIVING CHASE
Coach Curt Cignetti and Indiana hope to prove last season’s Big Ten and national championship runs were no fluke. Feazel has certainly become a believer after Cignetti’s first two years with the Hoosiers.
“I started out being a Cignetti doubter, but he has clearly proven everybody wrong,” Feazel said. “Until we see otherwise, we expect them to be the second-best team in the conference.”
Hence, Indiana being the +240 second choice in Big Ten futures odds. But bettors aren’t fully on board yet, with the Hoosiers trailing not only Ohio State and Oregon in tickets but also Michigan and USC.
Right behind Indiana in Big Ten futures odds is Oregon. Then there’s some separation, with USC and Michigan listed as the +1200 co-fourth choice.
Feazel doesn’t believe anyone beyond those first five will make waves this season.
“The thing with the Big Ten is it’s just so top-heavy,” Feazel said. “It’s hard to see any other team pushing through. I think you’re gonna see one of those top-five schools win it.”
VALUE PLAY
If that’s indeed the case, then perhaps there’s some value in wagering on the Trojans or the Wolverines.
Unlike Oregon, USC has been popular each of its first two years in the Big Ten and continues to attract action ahead of the 2026 season.
“Year after year, they’re betting on USC. That might be a regional situation, because we’re taking a lot of USC action in Nevada,” Feazel said. “Michigan has big changes, with a new coach (Kyle Whittingham). But it’s still Michigan at the end, so we don’t want to count them out.
“I think both those teams have the potential to break out this season.”
NOT-SO-HAPPY VALLEY?
Penn State also has big changes, after imploding during the 2025 season. The Nittany Lions were 3-0 heading into a huge home game vs. Oregon, then lost that matchup 30-24 in double overtime.
That triggered a six-game losing streak, during which coach James Franklin was fired. In December, Matt Campbell left his post at Iowa State to become Penn State’s coach.
The Nittany Lions are the +1800 sixth choice in odds to win the Big Ten. And so far, bettors aren’t buying in.
“There’s not much support behind the Nittany Lions,” Feazel said. “It’s gonna be an uphill battle, but I wouldn’t count out that program. I’m just not sold that it’s gonna be this year.”