Penn State's Odds to Win the 2024 College Football Playoff Title

The Lions closed the season with 5 straight wins. As a result, their title odds have increased.

Confetti hadn't even dropped on the 2022 college football season when odds for next year's contenders were released. Penn State's now part of the hot list to win a confetti celebration in Houston next January.

Penn State opened with 18/1 odds to win 2023-24 College Football Playoff championship, according to BetOnline. The Lions earned a rising slot based on their five-game win streak, punctuated by a Rose Bowl victory over Utah, to cap an 11-2 season. They went from unranked during the preseason to No. 7 in the final AP Top 25.

Penn State and Texas both are listed at 18/1, just behind Notre Dame at 15/1. The top contenders are the usual suspects. Two-time defending national champ Georgia is the 3/1 favorite, followed by Alabama (15/4), Ohio State (6/1) and Michigan (12/1).

The Lions, still searching for their first playoff berth, are expected to be a player in the expanded field. But they also want to prove their worth in the final year of the four-team format.

Penn State returns a host of offensive talent, including Nicholas Singleton, the Big Ten freshman of the year, and backfield mate Kaytron Allen. The duo combined for more than 2,000 all-purpose yards last season.

The team also has a franchise left tackle in Olu Fashanu and a hopeful franchise quarterback in Drew Allar. On defense, ends Adisa Isaac and Chop Robinson lead an aggressive unit that also will feature standout sophomore linebacker Abdul Carter.

Further, in his 10th season at Penn State, head coach James Franklin should return all three of his coordinators. That has not happened since 2017.

Little wonder, then, that college football analysts like Penn State's direction.

"It's hard to imagine not having Penn State in the playoff as we move forward into this next era of college football," ESPN's Kirk Herbstreit said.

Added Fox Sports' Joel Klatt, "The best part of Penn State is their youth."

Penn State opens the 2023 season Sept. 2 against West Virginia at Beaver Stadium. The CFP semifinals are scheduled for the Rose and Sugar bowls Jan. 1, 2024. The CFP title game is scheduled for Jan. 9 in Houston.

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AllPennState is the place for Penn State news, opinion and perspective on the SI.com network. Publisher Mark Wogenrich has covered Penn State for more than 20 years, tracking three coaching staffs, three Big Ten titles and a catalog of great stories. Follow him on Twitter @MarkWogenrich. And consider subscribing (button's on the home page) for more great content across the SI.com network.