College Football Playoff first-round schedule, betting odds: Oregon opens as slight national title favorite

There is no clear favorite for the national championship following the reveal of the first 12-team College Football Playoff bracket.

No. 1 Oregon (13-0) is the only undefeated team in college football and opens as the favorite for the title at +325. However, there are three other teams with odds of +450 or better. And two of those teams don’t have first-round byes.

The Ducks clinched the top seed with a Big Ten title game win over Penn State on Saturday night. Right before that game kicked off, No. 2 Georgia beat Texas for the SEC title. The Bulldogs are the No. 2 favorite at +350.

The Longhorns are the No. 5 seed and will host Clemson in the first round on Dec. 21. Texas is +375 to win the title ahead of Ohio State at +450. The Buckeyes are the No. 8 seed and host No. 9 Tennessee in the first round. The winner of that game will play Oregon in the Rose Bowl on Jan. 1.

Penn State is +700 to win the national title and the only other team with odds better than 12-1 to win it all. Penn State hosts SMU in the first round and will play No. 3 Boise State in the Fiesta Bowl on Dec. 31 with a win.

Here’s a look at the odds for each of the four first-round games and the national title odds for every team in the playoff. The winner of Indiana at Notre Dame will play Georgia in the Sugar Bowl, while the winner of Clemson vs. Texas will face Arizona State in the Peach Bowl.

First-round games

No. 12 Clemson at No. 5 Texas

Time: 4 p.m. ET, Dec. 21 | TV: TNT | Line: Texas -10.5

No. 11 SMU at No. 6 Penn State

Time: Noon ET, Dec. 21 | TV: TNT | Line: Penn State -9.5

No. 10 Indiana at No. 7 Notre Dame

Time: 8 p.m. ET, Dec. 20 | TV: ESPN | Line: Notre Dame -8.5

No. 9 Tennessee at No. 8 Ohio State

Time: 8 p.m. ET, Dec. 21 | TV: ESPN | Line: Ohio State -7

• Oregon (+325)

• Georgia (+350)

• Texas (+375)

• Ohio State (+450)

• Penn State (+700)

• Notre Dame (+1200)

• Tennessee (+2500)

• SMU (+3500)

• Clemson (+4000)

• Arizona State (+4000)

• Indiana (+5000)

• Boise State (+5000)