College Football Playoff Odds: Lines, Betting Trends on First Round Matchups

Patrick Everson Sports Betting Expert

12 minute read

College Football Playoff odds for the First Round are in motion, with two games complete and the third underway. Oregon, Georgia, Boise State and Arizona State earned byes as the Nos. 1-4 seeds, respectively, while the other eight teams play Dec. 20-21.

Perhaps the most interesting game in the College Football Playoff odds First Round market: No. 9 Tennessee vs. No. 8 Ohio State.

Here’s everything you need to know about college football odds for first round playoff games: opening lines, spreads and betting trends, as multiple oddsmakers provide insights on College Football Playoff First Round odds and action. Check back regularly for updates and use our BetMGM bonus code to get the most out of your action.

2024 College Football Playoff Odds First Round

Tennessee vs. Ohio State Odds

• Opening point spread: Ohio State -7
• Opening moneyline: Ohio State -238/Tennessee +195
• Opening total: Over/Under 46.5 points scored
• Time: 8 p.m. ET Saturday, Dec. 21 (ABC)

UPDATE 6 P.M. ET SATURDAY: Two hours before kickoff, Ohio State is -7 (-115) in BetMGM's College Football Playoff odds first round market. The Buckeyes opened -7, but spent most of the past two weeks at various iterations of -7.5, before dipping to -7 (-115) Friday.

That said, all the late action is landing on the home favorite.

"Ohio State money is pouring in now at -7," BetMGM trading manager Seamus Magee said. "The optimal result for the house is gonna be Ohio State by less than 7. There's still plenty of interest on Tennessee moneyline."

The total spent most of the past two weeks at various iterations of 46.5. It peaked at 47.5 from Dec. 9-11 before returning to the opener, and it's now 46.5 (Over -115).

"Good two-way action on the total," Magee said.

UPDATE 12:30 P.M. ET FRIDAY, DEC. 20: BetMGM spent most of the past 12 days at Ohio State -7.5, at various juice. However, the line just dipped to Buckeyes -7 (-115).

In digital betting (mobile/online), Tennessee is landing 77% of early spread tickets/81% of early spread money. And moneyline bettors are all over the Vols, as well, at 87% of tickets/84% of cash.

"Ohio State defending the 'Shoe is the biggest need of the first round of the College Football Playoff," BetMGM trading manager Seamus Magee said.

BetMGM's total is at 46.5 (Under -115), after opening at 46.5 (Over -115). The number spent some time at 47.5 early last week, but has mostly been at various iterations of 46.5. In digital action (again, mobile/online), the Under is seeing 60% of tickets/74% of money.

UPDATE 2:30 P.M. ET TUESDAY, DEC. 17: Ohio State toggled between -7/-7.5 a few times in Circa Sports' College Football Playoff odds for first-round games. The Buckeyes are now -7, with 61% of bets on Tennessee, but a hefty 92% of money on Ohio State.

Circa's total opened at 48, quickly went to 47.5 and has been at 47 since Wednesday. The Under is attracting 67% of early bets/89% of dollars.

UPDATE 4 P.M. ET WEDNESDAY, DEC. 11: The Buckeyes hit Borgata Sports' College Football Playoff First Round odds market at -7. Ohio State is now up to -7.5.

"Much like the Clemson-Texas game, this has been all early money on the favorite. However, I do expect to see some buyback on the Vols as we get closer to game day, and this will probably toggle between 7 and 7.5," Borgata Sportsbook director Tom Gable said.

The total crept from 46.5 to 47.

UPDATE 6 P.M. ET SUNDAY, DEC. 8: This matchup is on the move early in The SuperBook's College Football Playoff odds First Round market. Ohio State opened -7 and moved straight to -8 within a few minutes this afternoon.

"This is the premium match of the four first-round games, and it's the one we've seen the most money on," SuperBook executive director John Murray said. "We took sharp bets on Ohio State -7."

More concerning, as Murray alluded to in discussing Indiana-Notre Dame, are boatloads of moneyline parlays on all four favorites, with Ohio State the clincher.

"You could have a lot of liability on Ohio State. It's the last game of the first round. It's kind of like an NFL playoff weekend," Murray said.

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UPDATE 1 P.M. ET SUNDAY, DEC. 8: Ohio State (10-2 SU/6-6 ATS) got the No. 8 seed for the College Football Playoff. The Buckeyes had to settle for an at-large bid after their stunning 13-10 loss to Michigan in Week 14, as 19.5-point home favorites.

No. 9 seed Tennessee (10-2 SU/7-5 ATS) went 6-1 SU in its last seven games, with the only loss coming at Georgia. In Week 14, the Vols beat Vanderbilt 36-23 laying 10 points on the road.

Ohio State opened as 7-point chalk in DraftKings' College Football Playoff Odds First Round market. There's no movement yet, but Tennessee is getting all the early action, at 81% of bets/85% of money on the spread.

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Clemson vs. Texas Odds

• Opening point spread: Texas -10.5
• Opening moneyline: Texas -395/Clemson +310
• Opening total: Over/Under 53.5 points scored
• Time: 4 p.m. ET Saturday, Dec. 21 (TNT)

UPDATE 2:45 P.M. ET SATURDAY, DEC. 21: With 75 minutes until kickoff, Texas is 13.5-point chalk at BetMGM. On Dec. 8, the Longhorns opened -10.5, advanced to -11.5 early and got to -12 Wednesday.

On Thursday, Texas went to -12.5, and the Longhorns went to -13.5 Friday.

"It's one-way traffic on Texas now. We're gonna be rooting for Clemson to keep this one close," BetMGM trading manager Seamus Magee said. "A Clemson upset would be quite nice."

The total opened at 52.5, stood at 50.5 this morning and is now 49.5 (Over -115).

"Over 52.5 would be nice to have for the book, as well," Magee said.

UPDATE 2:30 P.M. ET TUESDAY, DEC. 17: Texas opened -8.5 on Dec. 8 and quickly shot to -10/-11 in Circa Sports' College Football Playoff first-round odds. On Thursday, the line dipped to Longhorns -10.5, but rebounded to -11/-11.5 Saturday.

Texas is now -11 on two-way play, with 52% of early spread bets/57% of early spread money on the Longhorns.

The total went from 52 to 51.5 Wednesday and hasn't moved since. The Under is getting 70% of bets/76% of money so far.

UPDATE 4 P.M. ET WEDNESDAY, DEC. 11: This line was on the move thanks to early favorite support in Borgata Sports' first-round odds for the College Football Playoff.

"Texas opened as 10.5-point favorites, but it’s been mostly Texas money early, which has pushed this to 11.5," Borgata sportsbook director Tom Gable said. 

The total down to 51.5 from a 52.5 opener.

UPDATE 6:30 P.M. ET SUNDAY, DEC. 8: The SuperBook pegged Texas an 11.5-point favorite and just moved to -11 in College Football Playoff First Round odds.

"That's a fun game, and Texas is a big favorite. We're on the higher end, for sure," SuperBook executive director John Murray said, while noting light betting so far. "This game has the least action of any playoff game so far. People don't know what to do with it.

"Clemson is pretty battle-tested. They played Georgia and South Carolina."

Murray said the Longhorns should consider switching things up under center.

"I think they take the two weeks to switch over to Arch Manning," he said. "They're not gonna do that, but I would consider it."

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UPDATE 1 P.M. ET SUNDAY, DEC. 8: Texas (11-2 SU/7-6 ATS) had to settle for an at-large bid as the No. 5 seed, after losing the SEC Championship Game. The Longhorns got a waning-seconds field goal to tie Georgia at 16 and force overtime. But Texas then lost 22-19 as 3-point chalk.

That ended a 5-0 SU run for the Longhorns.

No. 12 seed Clemson (10-3 SU/6-6 ATS) blew a 24-7 halftime lead vs. SMU in the ACC Championship Game. The Tigers allowed the Mustangs to tie the game at 31 on a touchdown with just 16 seconds remaining.

But Clemson made the most of those 16 seconds, getting a good kick return, then moving into range for a 56-yard field goal. Nolan Hauser then drilled the kick to give the Tigers a 34-31 win as 2.5-point underdogs.

DraftKings Sportsbook opened Texas -10.5, with no movement yet in odds for College Football Playoff First Round. Early ticket count is almost even, and 63% of early money is on the Longhorns.

SMU vs. Penn State Odds

• Opening point spread: Penn State -8.5
• Opening moneyline: Penn State -298/SMU +240
• Opening total: Over/Under 52.5 points scored
• Time: Noon ET Saturday, Dec. 21 (TNT)

UPDATE 10 A.M. ET SATURDAY: Two hours before kickoff, Penn State is 8.5-point chalk in BetMGM's College Football Playoff First Round odds. That's where the line has been most of the time since opening on Dec. 8.

"It looks like we're gonna be rooting for SMU +8.5 and Penn State [to win]. A lot of belief on SMU is being placed on them winning the game, and Penn State backers think they win this by at least 9," BetMGM trading manager Seamus Magee said.

BetMGM opened the total at 52.5 (Over -115) and peaked at 54.5 (Under -115) last Saturday. On Friday, it dipped to 53.5, and it's at 52.5 this morning. But Magee said there's not much of a decision.

UPDATE 2 P.M. TUESDAY, DEC. 17: Circa Sports opened the Nittany Lions -8.5 on Dec. 8 and quickly regressed to -7.5 before stabilizing at -8. On Thursday, Penn State went to -8.5 again, and the line has been pinned there ever since.

The Nittany Lions are seeing 70% of early spread tickets, while 61% of early spread money is on SMU.

Circa hasn't budged off its opening total of 54, although the Over is grabbing 75% of tickets/90% of money.

UPDATE 4 P.M. ET WEDNESDAY, DEC. 11: Borgata Sports opened Penn State -8.5 in the College Football Playoff odds First Round market. There's been no movement so far.

"Balanced action thus far at 8.5. But regional bias will certainly play a role here for us," Borgata sportsbook director Tom Gable said. "There will be a lot of public Penn State money, with all of the alumni and fans in the area."

The total is up a tick from 52.5 to 53.

UPDATE 5:30 P.M. ET SUNDAY, DEC. 8: Penn State hit The SuperBook's College Football Playoff odds First Round market as 8.5-point chalk. The Nittany Lions remain -8.5 this evening.

"We've had a few people take the 8.5 with SMU so far, but nothing to make us move off that number," SuperBook executive director John Murray said.

More so than early action, Murray marveled at Penn State's fortuitous seed for the playoff.

"They got the best draw in the field. For the sixth seed to get the best draw, you've gotta be pretty lucky," he said. "Penn State has gotta be happy. They get to play SMU, then get to play Boise State. They'll be favored in both games.

"There are a lot of teams that didn't make the field, who'd be pretty sizable favorites vs. SMU."

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UPDATE 1 P.M. ET SUNDAY, DEC. 8: SMU (11-2 SU/8-5 ATS) got into the CFP as the No. 11 seed. The commission picked the ACC runner-up over Alabama for the final at-large bid.

The Mustangs trailed Clemson 24-7 at halftime of the ACC final, but rallied to tie it at 31 on a touchdown with just 16 seconds left. However, in that 16 seconds, SMU let Clemson get into position for a 56-yard field goal, and the Mustangs lost 34-31 as 2.5-point favorites.

No. 6 seed Penn State (11-2 SU/6-7 ATS) also got an at-large bid after losing the Big Ten title game. The Nittany Lions were 3.5-point underdogs to Oregon and fell short 45-37. Penn State's only other SU loss was to fellow CFP invitee Ohio State.

DraftKings opened Penn State -8.5 (-105) and is down to -8 early in College Football Playoff First Round odds. Spread ticket count is dead even in the first hour, and 68% of early spread cash is on underdog SMU.

Indiana vs. Notre Dame Odds

• Opening point spread: Notre Dame -9.5
• Opening moneyline: Notre Dame -305/Indiana +245
• Opening total: Over/Under 51.5 points scored
• Time: 8 p.m. ET Friday, Dec. 20 (ABC)

UPDATE 6:45 P.M. ET FRIDAY, DEC. 20: With 75 minutes until kickoff, Notre Dame is -7 (even) at The SuperBook. On Dec. 8, the Fighting Irish opened -8 and went to -7.5 within a few hours.

On Monday, Notre Dame dipped to -7. Today, The SuperBook moved to a 10-cent line and hit a low point of Notre Dame -6.5 (-110)/ Indiana +6.5 (even). Early this afternoon, the number rebounded to Notre Dame -7 (even)/Indiana +7 (-110).

"We're gonna be Notre Dame fans tonight. We took a mid-five-figure bet on Indiana +7.5," SuperBook risk manager Casey Degnon said. "There are slightly more tickets on Notre Dame spread, but more money on Indiana spread and Indiana moneyline."

The total opened at 51.5, peaked at 52 Wednesday and has been declining since, with snow on the ground and cold weather tonight in South Bend.

"More tickets and money on the Over, but the total is down to 50," Degnon said.

UPDATE 12:30 P.M. ET FRIDAY, DEC. 20: Several hours before kickoff, Notre Dame is down to -6.5 (-115) in BetMGM's College Football First Round Playoff odds. On Dec. 8, the Fighting Irish opened -8.5, and the line spent most of the past 12 days at -7.5.

The number dipped to Irish -6.5 this morning. Still, there's public backing for Notre Dame, leading to BetMGM hoping to middle this game.

"The best outcome for us looks like a Notre Dame win and an Indiana cover of +6.5," BetMGM trading manager Seamus Magee said. "There's plenty of interest shown in Under 51.5, as well."

Weather is a factor in that action, with the total now at 50.5. There was 3 inches of snow in South Bend over the past 24 hours, and at kickoff tonight, it's expected to be 28 degrees with a real feel of 19.

UPDATE 2 P.M. ET TUESDAY, DEC. 17: The Fighting Irish toggled from -7.5 to -7 a couple times last week at Circa Sports. Notre Dame is now -7 (-115) in College Football Playoff First Round odds.

And it's heavy favorite action so far, with 76% of spread bets and practically all the spread money on the Irish. The moneyline leans toward Indiana, with 67% of bets/55% of dollars banking on an upset.

Circa opened the total at 50.5 and on Thursday peaked at 52, then fell to 51. It's two-way play with a lean toward the Over, at 59% of bets and money.

UPDATE 4 P.M. ET WEDNESDAY, DEC. 11: Notre Dame is down to -7.5 from a -8.5 opener at Borgata Sports, a BetMGM book in Atlantic City.

"Notre Dame is our biggest liability to win the national championship, and I expect the late money to come in on the Irish in this game. They’re such a public team, and more than likely, we will need Indiana in this one," Borgata sportsbook director Tom Gable said.

The total is down a point, as well, moving from 51.5 to 50.5 in College Football Playoff First Round odds.

UPDATE 5:30 P.M. ET SUNDAY, DEC. 8: The SuperBook opened Notre Dame -8 and remains there a few hours later.

"We've had a few tickets on Notre Dame so far," SuperBook executive director John Murray said. "But look at the spreads on these playoff games: 8, 8.5, 11.5, 7. Moneyline parlays are what it's gonna be all about.

"I'm sure moneyline parlays are gonna kick off with Notre Dame."

UPDATE 1 P.M. ET SUNDAY, DEC. 8: Notre Dame (11-1 SU/10-2 ATS) suffered a stunning Week 2 home loss against Northern Illinois. But the Fighting Irish followed with a 10-0 SU/9-1 ATS spree to get into the CFP.

No. 7 seed Notre Dame finished the regular season with a 49-35 victory over USC laying 7 points on the road in Week 14. The Irish have the nation's second-best spread-covering mark, behind only Marshall (10-1-1 ATS).

No. 10 Indiana (11-1 SU/9-3 ATS) was a surprise team this season, with its only loss coming at Ohio State in Week 13. In Week 14, the Hoosiers boat-raced Purdue 66-0 laying 28.5 points at home.

Notre Dame hit DraftKings Sportsbook's College Football Playoff Odds First Round market as a 9.5-point favorite. That line was on the move right away and is now at Fighting Irish -8.5. Early spread tickets are almost 2/1 and early spread money 3/1 on Indiana.

Patrick Everson

Patrick Everson is a senior reporter for VegasInsider. Based in Las Vegas since 1994, he's worked in the sports betting journalism/content space for more than a decade. He's most known for his deep roster of contacts behind sportsbook counters, providing readers and viewers with the ins-and-outs of how events are being bet. He's also a thought leader in the sports betting space, often appearing on or moderating panels at national conferences. More from Patrick Everson