College Football Playoff betting odds: Penn State favored by double figures over Boise State

Boise State holds a 3-0 all-time record in the Fiesta Bowl with victories in 2007, 2010 and 2014.

The Broncos were an underdog in all three matchups. Adrian Peterson-led Oklahoma was favored by 7.5 points in 2007 while TCU (-7 in 2010) and Arizona (-3.5 in 2014) were also expected to beat Boise State.

After receiving the No. 3 seed and a first-round bye for the College Football Playoff, the Broncos (12-1) again find themselves in the underdog role entering a Fiesta Bowl showdown with No. 6 Penn State (12-2). The Nittany Lions are favored by 10.5 points in the CFP quarterfinal, which is scheduled for a 5:30 p.m. Mountain time kickoff on Dec. 31 in Glendale, Arizona.

Despite having Heisman Trophy runner-up Ashton Jeanty, Boise State is a +85000 long shot to win the 12-team College Football Playoff. No. 5 Texas is the tournament favorite at +310, followed by No. 8 Ohio State (+330), No. 1 Oregon (+480), No. 2 Georgia (+480), Penn State (+500), No. 7 Notre Dame (+700) and No. 4 Arizona State (+6500) in the latest odds from FanDuel.

The Longhorns, who held off No. 12 Clemson 38-24 in the first round, are favored by 13.5 points over Arizona State in the Peach Bowl.

Ohio State is a 2.5-point favorite over Oregon in the Rose Bowl. Georgia is also favored by 2.5 in a Peach Bowl matchup with Notre Dame.

Here is the updated 12-team College Football Playoff bracket with the first-round results:

All times listed are Mountain Standard Time