2026 Heisman Trophy Odds (Jeremiah Smith Set as Massive Favorite; Keelon Russell Skyrockets into Top 4)

It only took six weeks (counting Week 0) of the college football season for there to be a clear favorite in the Heisman Trophy race.

Ohio State Buckeyes wide receiver Jeremiah Smith has moved all the way down to even money (+100) to win the Heisman after another sparkling performance in Week 5 against the Iowa Hawkeyes.

Smith jumped to +290 last week (also the favorite), but that price has shortened with a few players falling back in the odds.

Kamario Taylor, Jadan Baugh, Arch Manning and others have dropped in this market (Manning did not play in Week 5) while Smith leads a group of four players that are currently set at shorter than 10/1.

Alabama’s Keelon Russell is the latest player to join that list, as he led the Crimson Tide to a massive win over Taylor and Mississippi State to start the season 5-0. Does he have the best chance to catch Smith this season?

Here’s a breakdown of the latest Heisman odds, and a few candidates who saw their stock change after Week 5.

2026 Heisman Trophy Odds

Odds via FanDuel Sportsbook

Jeremiah Smith: +100
Darian Mensah: +650
CJ Carr: +750
Keelon Russell: +750
Trinidad Chambliss: +1500
Arch Manning: +3000
Malachi Toney: +3000
Gunner Stockton: +3000
Kamario Taylor: +3500
Julian Sayin: +3500
Drew Mestemaker: +4000
Josh Hoover: +4000
Sam Leavitt: +6000
Austin Simmons: +6500
Nico Iamaleava: +8000
Jadan Baugh: +8000

No other player is shorter than +10000 to win the Heisman Trophy this season.

Jeremiah Smith Now Even Money to Win Heisman

Since Big Ten play has begun, Smith has 23 catches and six touchdowns in two games, putting on a show in a win over No. 14 Iowa on Saturday.

The superstar receiver finished with 11 catches for 208 yards and two scores against the Hawkeyes, and he’s now closing in on 1,000 yards already this season.

In five games, Smith has 44 catches for 823 yards and nine touchdowns, averaging 18.7 yards per reception. Ohio State is the favorite to win the national title this season, which certainly helps boost Smith’s stock in this market.

At +100, Smith would need a few dud games to fall back in this market, and he’s clearly helped Julian Sayin make the most of this season as Ohio State’s quarterback.

Keelon Russell’s Heisman Stock Continues to Rise

Last week, Russell was +1600 to win the Heisman, but he’s now all the way down to +750 after leading the Crimson Tide to a win over the Mississippi State Bulldogs.

Russell had 285 passing yards (16-of-22 passing) for 285 yards and three scores while also adding five carries for 16 yards and a score on the ground.

The dual-threat quarterback has Alabama off to a 5-0 start, and he’s really come on as a passer in recent weeks. Russell has 10 passing touchdowns in his last three games, and his overall numbers fit the profile of a Heisman winner:

Passing: 71.2 competition percentage, 1,414 yards, 11 touchdowns, two interceptions

Rushing: 37 carries, 184 yards, four touchdowns, 5.0 yards per carry

If Alabama knocks off Georgia in Week 6, Russell may have a chance to dethrone Smith as the favorite in this market.

CJ Carr Rising in Latest Heisman Odds

The Notre Dame Fighting Irish are undefeated to start this season, and quarterback CJ Carr jumped from +1200 to +750 to win the Heisman after beating North Carolina.

Carr threw for 234 yards and four scores in the win, and he now had a 13-to-1 touchdown-to-interception ratio in 2026.

The junior quarterback has completed 71 percent of his passes for 1,197 yards, and Notre Dame has a path to a great record since it plays a very easy schedule in 2026. That could keep Carr in the top five in this market for the rest of the 2026 season.

Kamario Taylor, Jadan Baugh Drop After Week 5 Losses

Entering Week 5, Taylor was up to +550 to win the Heisman (third) while Florida running back Jadan Baugh was +1200.

After losses to Alabama (Taylor) and Missouri (Baugh) they have fallen to +3500 to +8000 in the latest odds.

Taylor threw two picks in the loss to Alabama, and while the sophomore quarterback has still been great this season, he’s facing an uphill battle to contend for a College Football Playoff spot in the SEC.

Meanwhile, Baugh in the Gators remained a top contender in the conference after their loss, but the junior running back was awful against Missouri, carrying the ball 12 times to just 13 yards. That likely ended his Heisman chances unless he is able to put together multiple big games against ranked teams down the stretch.

Odds refresh periodically and are subject to change.

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