One of Ohio State’s two losses this season came against No. 1 Oregon, but that didn’t dissuade oddsmakers from installing the eighth-seeded Buckeyes as favorites to beat the Ducks in the College Football Playoff quarterfinals.

Shortly after Ohio State finished off it’s 42-17 rout of No. 9 Tennessee on Saturday night, the Buckeyes opened as 1.0-point favorites at DraftKings and 1.5-point favorites at BetRivers to beat Oregon on New Year’s Day.

The teams met earlier this season in one of the most memorable games of the 2024 regular season. The Buckeyes visited Autzen Stadium on Oct. 12 and walked away with a dramatic 32-31 defeat. A rematch in the Big Ten title game appeared likely until Ohio State was upset at home by unranked Michigan to close the regular season.

Oddsmakers are clearly placing more weight on Saturday’s convincing win over Tennessee in the final game of the opening round of the CFP.

Oregon will enter the quarterfinal clash with a perfect 13-0 record, but it will be nearly a month since the Ducks beat Penn State in the Big Ten title game.

Many believe the CFP committee essentially rewarded the Nittany Lions despite that loss. While Oregon faces a potential CFP gauntlet of Ohio State, No. 5 Texas and No. 2 Georgia, Penn State opened with a 38-10 blowout win over No. 11 SMU on Saturday.

Up next is Boise State, which is seeded third but hails from the Mountain West Conference. Penn State opened as a 10.5-point favorite at both sportsbooks. Only Texas, which faces No. 4 Arizona State, is a bigger favorite among the quarterfinal matchups at 13.5 points.

Georgia and No. 7 Notre Dame will be the final CFP game on New Year’s Day. The Bulldogs opened as 1.5-point favorites at DraftKings, while BetRivers installed Georgia as a 3.0-point favorite.

The road to a national title will require one of the remaining teams to reel off three consecutive victories. For Texas, Penn State, Notre Dame and Ohio State, that will mean winning four playoff games — although each of them won their first-round matchups handily.

NATIONAL CHAMPIONSHIP ODDS* Texas (+340) Ohio State (+380) Oregon (+400) Penn State (+475) Georgia (+550) Notre Dame (+550) Boise State (+7000) Arizona State (+7000) *DraftKings