Ever since USC’s Caleb Williams won last year’s Heisman Trophy, it appeared as though this season’s award would be his to lose. Williams opened as around a +500 favorite, with every other player in college football at double-digit odds or worse.

Up until a few weeks ago, Williams was the favorite — until Washington’s Michael Penix Jr. (2,576 yards passing, 20 touchdowns, five interceptions) passed him after a huge comeback win against Oregon. But this week, Penix Jr. threw two interceptions and zero touchdowns in a lackluster 15-7 victory over unranked Arizona State, while Caleb Williams had 256 yards but no passing touchdowns in a 34-32 heartbreaking loss to Utah.

That left the door open for a few new candidates to win the Heisman at sportsbooks, and Michigan’s J.J. McCarthy (+240) is your new favorite after throwing for 287 yards and four touchdowns in a 49-0 rout of Michigan State.

McCarthy opened the season with 25-1 odds at BetMGM and was 10-1 before Saturday’s games. He now has 5.2 percent of the total bets and six percent of the total dollars wagered to the win the Heisman at BetMGM; he isn’t one of the top three liabilities to win the award at the book.

Penix Jr. (-145) had been the odds-on favorite before Saturday’s games, a first for any player this season.

Penix Jr. (+300), LSU’s Jayden Daniels (+375) and Florida State’s Jordan Travis (+800) have the next-best Heisman odds. Caleb Williams now has 100-1 odds.

There is some uncertainty around Michigan currently with the sign-stealing investigation, but on the field McCarthy will have a chance to keep impressing voters with upcoming games against Purdue, Penn State and Maryland before the showdown with Ohio State.

JJ McCarthy is now the Heisman Favorite via DraftKings 👀 pic.twitter.com/7LL49aEvYi

— College Football Report (@CFBRep) October 22, 2023