Caleb Williams Heisman Odds: 2023 USC QB Futures Odds

USC quarterback Caleb Williams entered the 2022-23 college football season as a strong favorite to win his second consecutive Heisman Trophy. If Williams once again takes home college football's most prestigious individual honor, the junior would become just the second player to win back-to-back Heisman honors.

Although California sports betting is not yet legal, I've taken a look at Caleb Williams' Heisman odds at legal US sportsbooks in other states to see where he stands.

Key Takeaways:

• Caleb Williams' odds to win the Heisman Trophy are +180 according to DraftKings Sportsbook.
• Using implied probability, USC's quarterback has a 35.7% chance to win the Heisman Trophy in the 2023 season.
• Williams became the eighth Heisman Trophy winner in USC history when he won the award in 2022-23 (including running back Reggie Bush, whose 2005 award was later vacated). No other school has produced more than seven Heisman winners.

What Are Caleb Williams' Heisman Odds Today?

Caleb Williams is the clear-cut Heisman Trophy betting favorite at sportsbooks across the U.S. However, those odds vary depending on the establishment. Looking at five different U.S. sportsbooks, here's where Williams' Heisman odds stand after Week 5:

Once the time comes for California bettors, the odds above show why it's always important to check multiple betting apps before placing a wager. There's no reason to bet on Williams to win the Heisman at FanDuel whenever Caesars is offering a better price. On a $100 wager, FanDuel would return $270 while a win at Caesars Sportsbook would net you $300. It's not a massive difference, but over long periods of time, these small differences add up.

Looking specifically at DraftKings, Williams is one of just four players with Heisman odds less than +1000 heading into Week 6. The others also are quarterbacks: Washington's Michael Penix Jr. (+380), Texas' Quinn Ewers (+900), and Oregon's Bo Nix (+900).

Overall, the 13 players with the shortest odds to win the 2023-24 Heisman Trophy at DraftKings are quarterbacks. That makes sense, given that only two non-QBs have won the award in the last 13 years.

Caleb Williams' Week-by-Week Heisman Odds

Want to stay updated on Caleb Williams' Heisman odds throughout the season? Be sure to bookmark this page, as we'll be tracking those odds each week.

Here's how Williams' odds to win the Heisman have shifted throughout the calendar year:

• Opening odds in January: +475 (17.39% chance)
• Preseason (mid-July) ⬇️: +530 (15.87% chance)
• After Week 1 ⬆️: +435 (18.69% chance)
• After Week 2 ⬆️: +398 (20.08% chance)
• After Week 3 ⬆️: +360 (21.74% chance)
• After Week 4 ⬇️: +400 (20% chance)
• After Week 5 ⬆️: +180 (35.7% chance)

Following a six-touchdown performance in a Week 5 victory at Colorado, Williams has seen his Heisman Trophy odds shorten to the lowest point they've been since sportsbooks began accepting wagers on this futures market.

Only Washington's Penix, who also has put up impressive early-season statistics, enters October as a legitimate contender. In fact, all but nine players listed on BetMGM's Heisman Trophy odds board are priced beyond +2000 (20-to-1).

Of those players, the two who have made the biggest leap are Oregon's Nix (who has seen his odds shorten from +1200 entering Week 5 to the current price of +800) and Michigan QB J.J. McCarthy (who has gone from +3500 to +2000).

Latest USC Trojans Updates Impacting Caleb Williams' Heisman Trophy Odds

USC is off to a 5-0 start to the season and is currently ranked No. 9 in the Top 25 media poll — down three spots from two weeks ago.

Williams has been spectacular all season, completing 74.5% of his passes for 1,603 yards with 21 touchdowns and just one interception. He's also collected three rushing touchdowns, giving him an NCAA-best 24 total TDs.

With Williams piloting the offense, the Trojans rank in the top 5 nationally in scoring offense (53.6 points per game, 1st); total offense (550 yards per game, 3rd); and passing offense (382.4 yards per game, 4th).

Since Williams is surrounded by so many explosive weapons, USC will almost certainly continue to put up monster numbers so long as the key contributors remain injury-free.

Here are some key moments that have helped Williams become a 2023 Heisman Trophy betting favorite:

• 🗓️ Sept. 30: Williams hits the road and lights up the Colorado defense, completing 30 of 40 passes for a season-high 403 yards while matching a career best with six passing touchdowns. Williams does, however, throw his first interception of the season in a 48-41 victory.
• 🗓️ Sept. 23: For his first road trip of the season, Williams puts up 332 total yards and five touchdowns against Arizona State.
• 🗓️ Sept. 9: The Trojans route Stanford, 56-10, with Williams having one of his more modest stat lines this season, totaling 300 passing and running yards along with 4 total touchdowns.
• 🗓️ Sept. 23: Williams tosses five touchdowns for the third time in his career, helping lead USC to a 66-14 win over Nevada.
• 🗓️ Sept. 2: Williams begins defense of his Heisman Trophy with a scintillating performance at home against San Jose State, passing for 278 yards and four touchdowns in a 56-28 victory.
• 🗓️ Jan. 6: Running back Marshawn Lloyd agrees to transfer to USC after rushing for more than 800 yards in two seasons at South Carolina. Lloyd leads all USC tailbacks in carries (25) and rushing yards (195), and he's scored two touchdowns.
• 🗓️ Dec. 19, 2022: Wide receiver Dorian Singer, who had more than 1,100 receiving yards and scored six touchdowns as a sophomore at Arizona in 2022, transfers to USC. 

Sportsbooks Available To Bet on Caleb Williams' Heisman Trophy Odds

Bettors can wager on Caleb Williams to win the Heisman Trophy at most legal and regulated U.S. sportsbooks. Exceptions include states such as New York, which prohibit placing futures wagers on any awards as well as on amateur athletes. 

Unfortunately for Trojans fans living in California, there are no legal betting options in the state. Making matters more frustrating is the fact that sports betting in California doesn't seem to be close to becoming legal any time soon.

Could Caleb Williams Win the Heisman in 2023?

After winning the 2022 Heisman Trophy, Caleb Williams entered the season widely recognized as the best player in college football. He's more than lived up to the hype, ranking among the leaders in all significant passing categories

Just as important, USC is making the most of Williams' outstanding performances, ripping off five straight victories to start the season.

As long as Williams continues to produce on the field and USC continues to post victories, it's likely the transfer from Oklahoma will win a second straight Heisman Trophy.

Why Would Williams Not Win the 2023 Heisman Trophy?

While the Trojans are off to a 5-0 start, they nearly blew a 48-24 second-half lead at Colorado in Week 5.

The primary reason: The defense faltered down the stretch, which has been a common problem for Southern Cal in recent years.

If the defensive struggles end up costing the Trojans' games, Williams' Heisman candidacy could take a hit — especially if the contenders directly behind him continue to win and look good doing so.

Has A Player Ever Won Back-to-Back Heisman Trophies?

The Heisman Trophy has been awarded to the best player in college football each year since 1935. However, only one player has won the Heisman in back-to-back seasons: Ohio State running back Archie Griffin in 1974-75.

In fact, Griffin is the only player to win the Heisman twice.

Who are the Favorites to Win the Heisman in 2023?

Below are the top 10 players with the shortest odds to win the 2023 Heisman Trophy according to FanDuel Sportsbook. 

Among the top 10 Heisman Trophy contenders, Oregon's Nix (80.4%) and Michigan's McCarthy (79.0%) have the highest completion percentages.

Penix leads the nation in passing yards at 1,999, with Daniels (1,781) third and Williams (1,611) sixth.

With his six-touchdown effort at Colorado in Week 5, Williams leads all quarterbacks in passing scores. Penix and Daniels are next (both with 16), followed by Nix and Oklahoma's Gabriel (both with 15).

Williams also has an NCAA-best 217.7 passer rating. Miami's Van Dyke (197.8) is second, with Penix (196.5), Daniels (193.4), McCarthy (190.4) and Gabriel (189.4) falling next in line

This week's marquee matchup involving Heisman Trophy contenders will take place in Dallas, where Gabriel leads No. 12 Oklahoma against Ewers and No. 3 Texas in a battle of 5-0 teams.

The winner of the annual "Red River Rivalry" showdown likely will solidify his position as a Heisman Trophy contender, while the loser will tumble down the Heisman odds board.

Who are the Sleepers to Win the Heisman in 2023?

While it's currently a three-man race between Williams, Penix Jr., and Ewers, there are some other names to pay attention to as the season unfolds.

• Dillon Gabriel (Oklahoma, quarterback): +1600
• J.J. McCarthy (Michigan, quarterback): +3300
• Cameron Ward (Washington State, quarterback):, +3500)

Gabriel has been outstanding in his second season at the helm of Oklahoma's offense. The transfer from Central Florida is connecting on 75.2% of his passes for nearly 1,600 yards with a solid 15-2 touchdown-to-interception ratio.

If Gabriel can lead the Sooners to an upset of Texas in Week 6, his +1600 odds will shrink considerably. So a +1600 Heisman Trophy futures ticket on Gabriel is enticing, especially given the fact four Oklahoma quarterbacks have won the award this century.

Currently ranked No. 2 in the nation behind two-time defending national champion Georgia, Michigan is off to a 5-0 start — and McCarthy is a huge reason why. The junior is completing four out of every five passes he throws and has accounted for 11 touchdowns (10 passing, one rushing).

As long as Michigan keeps winning and McCarthy remains upright, he'll get some serious Heisman consideration — and his current +3300 Heisman odds will plummet.

Ward has gone from long shot to sleeper in leading Washington State to a 4-0 start. The Cougars' second-year starter has two 400-yard passing games and also has twice thrown for four touchdowns.

In all, Ward has 16 total touchdowns (13 passing , three rushing) and has not thrown an interception. The fact Ward has vaulted into the top 10 in odds to win the 2023-24 Heisman suggests the betting market believes that he (and the Cougars) are for real.

Other Caleb Williams Odds and Props To Bet On In 2023

The Heisman Trophy was one of several honors Caleb Williams took home in 2022. He also won the Maxwell Award given annually to the most outstanding player and the Walter Camp Player of the Year Award.

Williams is a contender for all three honors again this season. He also has a chance to win the Davey O'Brien Award (nation's top quarterback) and the Lombardi Award (nation's top player).

Most legal U.S. sportsbooks don't offer wagering on awards beyond the Heisman Trophy. However, Williams' on-field performance has — and will — impact multiple team-specific college football futures markets.

2023 Pac-12 Championship Game Odds

Thanks in large part to Williams' presence, USC is one of three teams with a legitimate shot to win the Pac-12 Championship Game in its final season in the conference.

The Trojans (+240) have seen their Pac-12 Championship odds fall on DraftKings Sportsbook's, with Oregon (+220) and Washington (+220) leap-frogging USC.

USC has won 42 conference championships in its history, but none since 2017.

2023 National Championship Odds

As long as Williams continues to post monster numbers, USC will remain a contender to win the 10th national championship in school history.

The Trojans enter October with +1500 odds to be the last team standing this season. Six other teams are ahead of USC in this particular futures market: Georgia (+300), Michigan (+400), Ohio State (+750), Florida State (+950), and Penn State (+1100).

Caleb Williams 2023 Outlook

Caleb Williams has guided USC to five victories to start this season. Those wins have come by an average of nearly 30 points, with the Trojans putting up 53.6 points per game and allowing 24.2.

Williams and his teammates faced their stiffest test in Week 5 at Colorado, holding on for a 48-41 victory after opening a 48-24 lead in the third quarter.

As was the case at Colorado, USC is a big favorite in Week 6 against Arizona at home. However, after that Williams and the Trojans face back-to-back stern tests at Notre Dame (Oct. 14) and Utah (Oct. 21).

They also close the season with a trio of top-flight opponents in Washington (Nov. 4 at home), Oregon (No. 11 on the road) and UCLA (Nov. 18 at home).

That means Williams will have a slew of opportunities to tighten his grip on a second straight Heisman Trophy.

However, if he and/or his team struggle in those big games over the next two months, the quarterbacks currently sitting directly behind him on the Heisman odds board could swoop in and steal the award.