National Championship Odds Released Ahead Of CFP Semifinals

Despite earning the No. 1 seed, Indiana wasn't the favorite to win the 2026 national championship when the College Football Playoff began on Dec. 19, according to the DraftKings Sportsbook. That distinction went to Ohio State, which had +240 odds to win it all after being ranked No. 1 for most of the season.

But the Buckeyes weren't able to back that up and defend their national title from last season, as they were bounced by No. 10 Miami in the CFP quarterfinals with a 24-14 loss. No. 3 Georgia was upset by Ole Miss, too, further opening the door for Indiana to win its first ever national championship.

The Hoosiers have advanced to face No. 5 Oregon Friday at 7:30 p.m. ET in the Peach Bowl in Atlanta, Ga. And as it stands, oddsmakers favor Indiana to be the last team standing.

National Championship odds

Indiana +130
Miami +310
Oregon +320
Ole Miss +600

(according to DraftKings Sportsbook on Monday morning)

Indiana Football — Indiana Hoosiers quarterback Fernando Mendoza (middle), defensive back D'Angelo Ponds (left) and running back Roman Hemby (right) after defeating Alabama in the Rose Bowl. | Grace Hollars/IndyStar / USA TODAY NETWORK via Imagn Images

Indiana made statement in Rose Bowl

By now, there's shouldn't be hesitancy around Indiana's legitimacy, but Nick Saban and Desmond Howard still picked Alabama to defeat Indiana in the Rose Bowl. They were quickly proven wrong, though, as the Hoosiers cast away any doubt with a 38-3 drubbing of Alabama in the Rose Bowl.

Indiana's defense suffocated the Alabama offense, which finished with a season-low of 193 total yards. The Crimson Tide went a dismal 3-for-11 on third down and 0-for-2 on fourth down, mustering only a late third-quarter field goal when the outcome had already been decided.

It was another efficient day for Heisman Trophy winner Fernando Mendoza, who completed 14-of-16 passes for 192 yards and three touchdowns. And by the second half, the Hoosiers' run game wore down the Alabama defense with 50 carries for 218 yards and two scores –– good for 4.4 yards per carry.

That give Indiana four wins over top-10 teams at the time of the game –– No. 1 Ohio State, No. 3 Oregon, No. 9 Alabama and No. 9 Illinois –– along with victories in tough road environments at Iowa and Penn State.

But likely due to the program's poor history before coach Curt Cignetti's arrival last season, the Hoosiers still had their doubters going into the Rose Bowl. That seems to be slowly shifting with every impressive win, as Indiana has taken over as national title favorites, according to the oddsmakers.

The Hoosiers seem to make history every week nowadays, and now they're just two steps away from being crowned champions for the first time.

Game odds refresh periodically and are subject to change.

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