Heisman Trophy odds watch: Down to the final two?

As the 2024 college football season enters its final stretch, the Heisman Trophy race has narrowed to a select few contenders, with Colorado's Travis Hunter emerging as the clear frontrunner. Hunter has captivated fans and voters alike with his exceptional performances on both offense and defense, propelling him to -400 odds to win the prestigious award.

Hot on his heels is Boise State's dynamic running back Ashton Jeanty, who sits at +400 and continues to impress with his record-breaking rushing performances.

A significant gap separates the top two from the rest of the field, with Miami quarterback Cam Ward and Oregon signal-caller Dillon Gabriel rounding out the top four in the odds.

As Week 13 approaches, these athletes face crucial opportunities to solidify their Heisman candidacies and potentially shake up the odds in the final games of the regular season.

All odds are accurate as of timestamp. For the latest odds go to ESPN BET. 

Heisman race: Down to two?

Travis Hunter, WR/CB, Colorado Buffaloes -400

Last week: +125

Hunter's performance in Week 12 catapulted him to become the overwhelming favorite for the Heisman Trophy, showcasing his exceptional two-way abilities in Colorado's 49-24 victory over Utah.

On defense, Hunter intercepted a tipped pass and recorded three tackles. On offense, Hunter caught five passes for 55 yards and added a five-yard touchdown run in the fourth quarter. His versatility was on full display as he participated in nearly every play, making significant contributions on both sides of the ball.

Colorado coach Deion Sanders strongly advocated for Hunter's Heisman candidacy after the game, saying "It's supposed to go to the best college football player. I think that's been a wrap since what, Week 2?"

Hunter's feat of recording at least 50 receiving yards, scoring a rushing touchdown and intercepting a pass in the same game is something that hasn't been done in college or the NFL since Champ Bailey in the 2000 NFL season.

It would take something quite dramatic to prevent Hunter from winning the award at this point -- exceptional performances by other contenders, team performance, late-season narrative shifts, etc. However, Hunter's versatility and impact on both offense and defense have made him a unique and compelling favorite.

Ashton Jeanty, RB, Boise State Broncos +400

Last week: +400

Although Jeanty's odds show no change, he did shift from third favorite last week to second favorite this week after an outstanding performance in Week 12.

Jeanty set the Boise State single-season rushing record during a 42-21 victory over San Jose State rushing for 159 yards on 32 carries, while scoring three touchdowns. Jeanty now has 1,893 rushing yards through 10 games, the most in the country.

Jeanty was initially limited to 19 yards on his first nine carries as Boise State fell behind 14-0. He keyed a strong drive to end the first half, scoring a 2-yard touchdown to tie the game at 14-14 and that momentum continued on in the second half. Jeanty wore down the defense, breaking off runs of 36, 12, 13, and 11 yards in the final two quarters.

With his Week 12 performance, Jeanty broke Jay Ajayi's school record of 1,823 rushing yards set in 14 games in 2014 and is now on pace to rush for over 2,400 yards by the time Heisman ballots are due on December 9.

Boise State coach Spencer Danielson made the case, stating "he's the best football player in the country."

Boise State's Week 12 win guarantees the Broncos a spot in the Mountain West championship game, giving Jeanty another high-profile opportunity to showcase his talents.

Running out of time: Gabriel and Ward

Dillon Gabriel, QB, Oregon Ducks +2500

Last week: +275

Gabriel's dramatic drop in odds can be attributed to his underwhelming performance in Week 12. Gabriel went 22-of-31 for 218 yards, zero touchdowns, and one interception in Oregon's narrow 16-13 win over Wisconsin. It was the first time this season Gabriel did not throw a passing touchdown.

Gabriel struggled with mid- to deep-targets, only hitting 43% of attempts over 15 yards. This outing, combined with impressive performances from other candidates, significantly hurt Gabriel's Heisman chances.

Cam Ward, QB, Miami Hurricanes +1200

Last week: +850

Ward's odds drop was less severe but still notable. The combination of being idle in Week 12 and the lingering effects of Miami's first loss of the season the week prior contributed to Ward's odds dropping, though he remains in contention as the third favorite.

Betting consideration: Hold

If you've been following this article weekly since the start of the 2024 season, Hunter (30-1) and Jeanty (35-1) tickets have tremendous value. At this late stage, it's unlikely that any other player will surge ahead of them as the odds for other contenders have lengthened significantly.

If you're looking to add another ticket, the only player who might offer some value is Cam Ward at +1200. However, his chances of winning seem slim.

Per ESPN Research, Hunter is the biggest Heisman favorite in the final two weeks of the regular season since Joe Burrow in 2019. The 2024 season does have a 14-week regular season compared to the normal 13.

However, there are some recent examples of odds-on Heisman favorites down the stretch that did not win: 

• 2023: Bo Nix (-185) entering conference championship week.

• 2021: C.J. Stroud (-200) entering Week 13.

• 2020: Kyle Trask (-125) entering the final week of the regular season. Mac Jones (-200) entering conference championship week.

• 2018: Tua Tagovailoa (-750) entering Week 13 and (-1000) entering the SEC Championship.

• 2011: Andrew Luck (-250) entering Week 13 and (-130) entering the Pac-12 Championship.

• 2009: Colt McCoy (-350) entering the Big 12 Championship.

Earlier in the season, I had the belief that Colorado needed to win the Big 12 title game in order for Hunter to stay in consideration. At this point, I don't feel that's the case. Two examples that give me confidence: in 2016 and 2022, respectively, Caleb Williams and Lamar Jackson won the Heisman despite their teams failing to win the conference.

As a two-way player excelling at both wide receiver and cornerback, Hunter presents a rare and compelling case that may transcend traditional criteria. His individual performance on both offense and defense has been consistently impressive and while there are other contenders, none have separated themselves statistically -- or even narratively -- in the way that Hunter has.