Heisman Trophy odds updated ahead of Week 5 of college football

September is almost over, which means a critical month of October is quickly approaching. That means the Heisman Trophy picture is getting clearer — and, ahead of Week 5, there’s a new favorite.

Washington quarterback Michael Penix Jr. now has the best odds to win the Heisman this year, according to Caesars. It officially puts him ahead of USC star Caleb Williams as he looks to become the second two-time Heisman winner in history.

There was even more movement on the board, though, including one SEC star vaulting himself toward the top. It adds to the intrigue as teams around the country begin their pushes toward their conference championships.

Michael Penix Jr., QB, Washington — +275

Penix has officially unseated Williams as the Heisman favorite following another strong showing against Cal. He completed 19 of 25 passes for 304 yards and four touchdowns to lead the Huskies to the 59-32 victory on Saturday.

Penix is now averaging 409 passing yards per game, which leads the nation and is 57 more than Colorado’s Shedeur Sanders. His 16 touchdowns also leads FBS, giving him a strong Heisman case entering this week’s game against Arizona.

Caleb Williams, QB, USC — +375

Williams has been the odds-on favorite for the Heisman Trophy all year, but now finds himself second on the board despite USC’s 4-0 record. He played his first full game last week against Arizona State and still put together a strong night, completing 20 of 31 passes for 322 yards and three touchdowns in the air while running in two touchdowns as the Trojans defeated the Sun Devils 42-28.

Williams continues to make his case for another trip to New York and to potentially become the No. 1 overall pick in the NFL Draft. He’ll have an opportunity to impress Heisman voters this week on the big stage against Colorado at noon ET.

Quinn Ewers, QB, Texas — +600

Quinn Ewers was efficient once again last week against Baylor to lead Texas to the 38-6 victory in Waco. He went 18 of 23 for 293 yards and a touchdown as the Longhorns running game helped the offense hum.

Ewers jumped into the Heisman Trophy conversation after Week 2, and his odds haven’t shifted much since. A big stretch is looming, though, starting with Saturday’s game against Kansas.

Jordan Travis, QB, Florida State — +1100

For the second straight week, Jordan Travis and Florida State had to fight off an upset. Saturday, the Seminoles managed to fight off Clemson in Death Valley in overtime — and it’s largely thanks to their quarterback.

Travis completed 21 of 37 passes in that game for 287 yards and two touchdowns to Keon Coleman. The biggest play came in the extra period when he found Coleman for a 24-yard score to give FSU the 31-24 victory, keeping Travis in the conversation for the Heisman Trophy.

Bo Nix, QB, Oregon — +1200

Bo Nix made it look too easy for Oregon against Colorado on Saturday. He had a huge day, throwing for 276 yards and three touchdowns as the Ducks flew past the Buffaloes 42-6.

Nix has looked comfortable all year in the Oregon offense even without coordinator Kenny Dillingham, who left for Arizona State. His 79.4% completion percentage ranks second in the nation, maintaining his competitive Heisman Trophy odds entering this week’s matchup against Stanford.

Jayden Daniels, QB, LSU — +1400

Jayden Daniels’ Heisman Trophy odds took the biggest leap from last week following LSU’s 34-31 victory over Arkansas last week. He filled up the box score as he threw for 320 yards and four touchdowns while adding 36 rushing yards on the ground.

LSU and Arkansas were tied at 31-31 with 5:06 to play, which is when Daniels led a five-minute long drive to set up the eventual game-winning field goal. That performance propelled him up the board and squarely into the Heisman mix.

Sam Hartman, QB, Notre Dame — +1800

Sam Hartman didn’t have a bad day by any stretch against Ohio State last week. But it wasn’t enough to help Notre Dame past the Buckeyes, who scored at the last second to stun the Fighting Irish faithful in South Bend Saturday night.

Hartman completed 17 of 25 passes for 175 yards and a touchdown as the Ohio State defense created headaches for Notre Dame. He also still hasn’t thrown an interception entering this week’s game against Duke.

Other Heisman Trophy contenders ahead of Week 5

Dillon Gabriel, QB, Oklahoma — +2000
Tyler Van Dyke, QB, Miami — +2200
J.J. McCarthy, QB, Michigan — +2500
Cameron Ward, QB, Washington State — +2500
Kyle McCord, QB, Ohio State — +2800
Drake Maye, QB, North Carolina — +2800
Drew Allar, QB, Penn State — +3000
Blake Corum, RB, Michigan — +4000
Carson Beck, QB, Georgia — +5000
Jalon Daniels, QB, Kansas — +5000
TreVeyon Henderson, RB, Ohio State — +5000
Riley Leonard, QB, Duke — +5000

The Heisman Trophy odds have already seen some major changes through the first few weeks of the season. It’s safe to say the board will continue to shift as the season goes along — and, just maybe, some new faces can make a case to head to New York for the ceremony.