2026 College Basketball National Championship Odds: Who is Favored to Win March Madness?

Four of the eight teams competing in this week's Elite Eight have been decided. Iowa, Purdue, Illinois, and Arizona are all one win away from a berth in the Final Four. On Friday night, we'll find out the other teams that will be joining them in this weekend's round.

The top two seeds in the South Region have been eliminated. Florida lost in the Round of 32 to Iowa, and Houston lost on Thursday night in the Sweet 16 to Illinois. That means it's between 9-seed Iowa and 3-seed Illinois that will represent their quadrant of the bracket in the Final Four. The Big Ten showdown will take place on Saturday.

One of the other 3-seeds, Arizona, has already punched its ticket to the Elite Eight by beating Arkansas in the Sweet 16. Duke and Michigan will look to join them, with each of them set to play their Sweet 16 games on Friday night.

If Duke, UConn, Michigan, and Iowa State all win tonight, we're going to get three different 1 vs. 2 matchups in this weekend's Elite Eight action.

Here’s a breakdown of the latest odds to win the National Championship at this point in March Madness.

Latest Odds to Win March Madness

Odds via FanDuel Sportsbook

Arizona +240
Michigan +340
Duke +380
Illinois +700
Purdue +1300
Iowa State +1800
UConn +2200
Michigan State +2700
St. John's +3000
Iowa +4500
Alabama +8000
Tennessee +8000

Arizona Becomes Favorite After Sweet 16 Win

As had been the case all tournament long, Arizona, Michigan, and Duke have been a step above the rest in terms of their odds to win the National Championship. The Wolverines were the betting favorites heading into the Sweet 16, but understandably, Arizona leapfrogged them after beating Arkansas on Thursday night to secure a spot in the Elite Eight.

Expect Michigan to take back over as the favorite of they're able to beat Alabama.

Duke's chances of winning it all also improved when Houston fell to Illinois. That will make the Blue Devils' potential Final Four matchup a bit easier, getting to avoid a top-two seed in the semifinals.

Iowa Still Considered Longshot After Sweet 16 Win

If there's one "Cinderella" team left in the March Madness, it's the 9-seed, Iowa Hawkeyes, out of the South Region. They upset the 1-seed Florida Gators in the Round of 32 and then pulled off a small upset against Nebraska in the Sweet 16.

They'll face another Big Ten opponent in the Elite Eight when they face Illinois. The Hawkeyes lost their only regular-season game against Illinois, losing by a score of 75-69 back on January 11.

The betting market doesn't have faith in Iowa despite the run they're on. The Hawkeyes are 45-1 to win it all, despite being only three games away from cutting down the net. They're listed as 6.5-point underdogs to Illinois on Saturday, and if they win that game, expect them to be even bigger underdogs in the Final Four.

Odds refresh periodically and are subject to change.

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