Heisman Trophy Updated Odds & Market Report: Four Finalists Remain for Trophy According to Sportsbooks

When the Heisman Trophy is awarded on Saturday night, virtually everyone believes it will be handed to USC quarterback Caleb Williams.

At least, that's what the odds tell us.

Williams is currently -2500 to win the Heisman at BetMGM. That gives him a 96.15% implied probability to be lifting the trophy come Saturday night.

Despite a 47-24 loss to Utah in the Pac-12 Championship — in a game where Williams appeared to be hurt — the star quarterback's odds to win the Heisman did not change from last week.

What is interesting, however, is that books are still taking action on the Heisman Trophy.

If it was a foregone conclusion, books would take all of the odds completely off the board.

There are four players with odds still remaining on the board. That will likely change after Heisman finalists are announced on Monday night, unless all four are invited to New York.

The player with the second-shortest odds to win the Heisman is TCU quarterback Max Duggan at +2000. He accounts for 4.9% of the bets and 1.9% of the money at BetMGM.

He has been the darkhorse of all darkhorse candidates as he started the season without odds and as the backup quarterback for the Horned Frogs.

Next on the list is Georgia quarterback Stetson Bennett at +3000 on BetMGM. He is considered the third-biggest liability at BetMGM with 8.8% of the tickets and 4.2% of the handle.

The most intriguing Heisman candidate of the season, C.J. Stroud, is the last one of the four remaining players. Stroud opened the season as the Heisman favorite and stayed there for most of the season.

But after a loss to Michigan, he lost his realistic shot. After opening at +400, Stroud is now +5000 to win the Heisman.

Stroud is still the biggest liability for BetMGM. Williams is not a major liability for BetMGM.