Big Ten Championship Odds: Ohio State Favored, But Oregon and Indiana Are Right There

Ohio State opened as the favorite to win the Big Ten again, but the number that should grab your attention isn’t the Buckeyes’ price — it’s how tight the gap is behind them, with Oregon and defending champion Indiana both squarely in the mix heading into the 2026 season.

Where the Board Stands Right Now

The Big Ten futures betting market has stayed remarkably stable since it opened for the 2026 season. Ohio State sits around +190 across most books, with Oregon next at +260 and Indiana close behind at +310. According to Caesars Sportsbook, Ohio State is leading in ticket count for the conference race, with Oregon right behind it — a sign the betting public largely agrees on the top two, it just can’t decide which one to actually back.

After that trio, there’s real separation. USC checks in around +1400, Michigan sits at +1500, and Penn State is out at +2200. Everyone else — Washington, Iowa, Wisconsin and the rest of the field — is priced as a longshot with little real market support behind it. That’s a top-heavy board, and for good reason: last year’s top five teams in the way-too-early rankings are, again, this year’s top five. For anyone new to how these markets work, EWB’s betting guide breaks down how to shop lines across conference futures.

Top Contenders

Ohio State (+190) enters as the No. 1 team in ESPN’s preseason SP+ projections, and it’s not hard to see why. Ryan Day is 82-12 in his eighth year running the program, and this roster reads like a team that isn’t rebuilding anything. Wide receiver Jeremiah Smith returns as arguably the best target in the country, quarterback Julian Sayin gets a full offseason as the starter, and running back Bo Jackson gives Ohio State a legitimate workhorse in the backfield. Up front, Austin Siereveld and Luke Montgomery anchor an offensive line that’s already earned preseason All-Big Ten recognition.

Oregon (+260) might be the most complete roster in the conference on paper. The Ducks return 200 combined starts from a season ago — more continuity than any other team in the country — and they placed 19 players on the preseason All-Big Ten team, more than any other program, including Ohio State’s 16. Quarterback Dante Moore is back, with Dylan Raiola waiting in reserve, and running backs Dierre Hill Jr. and Jordon Davison give Oregon two legitimate options in the backfield. Defensively, Bear Alexander and Matayo Uiagalelei give Oregon serious presence up front, while safety Koi Perich anchors the back end.

Indiana (+310) is the wild card nobody wants to fully commit to. The Hoosiers won the Big Ten last season under Curt Cignetti and bring back a defense fronted by Tyrique Tucker, Rolijah Hardy and Isaiah Jones, plus cornerback Jamari Sharpe and safety Amare Ferrell. USA TODAY’s preseason media poll didn’t have a single voter picking Indiana to repeat, splitting first-place votes instead between Ohio State (11 votes) and Oregon (5) — a signal that the media, like the sportsbooks, sees this as a two-team race up top with Indiana as the clear third wheel rather than a co-favorite.

The Schedule Could Decide Everything

Two dates jump off the Big Ten schedule immediately. Ohio State travels to Indiana on Oct. 17 for a rematch of last season’s Big Ten Championship Game — a genuine measuring-stick game months before the actual title game would even happen. Then on Nov. 7, Oregon visits Columbus to take on Ohio State in what could double as a preview of the conference championship itself.

That’s not a coincidence the market has ignored. Split those two head-to-head games, and the Buckeyes’ path back to Indianapolis gets a lot more complicated than a simple favorite’s price suggests.

It’s worth noting how thin the market’s confidence gets outside the top three. USC returns most of its starters from a year ago but still sits at +1400, while Michigan, under new coach Kyle Whittingham, is priced at +1500 as it retools. Penn State represents the biggest wild card of the bunch — new coach Matt Campbell arrives from Iowa State, and analysts have described this year’s Nittany Lions as almost unrecognizable stylistically from recent PSU teams. They could sneak into the top 15 nationally, or they could stumble outside the top 40. At +2200, the market is treating that uncertainty as a real risk, not an opportunity. Fans tracking the bigger picture can also check the NCAAF champion odds board to see how the national title race lines up with this conference race.

The Best Bet

Ohio State’s talent and preseason pedigree make it the right side to build a futures position around, but at +260, Oregon’s roster continuity and the built-in chance at a statement road win in Columbus make it the sharper number on the board right now.

• Pick: Ohio State +190
• Value alternative: Oregon +260

Both paths run through the same Nov. 7 showdown — whoever wins that game will be the team to beat once the Big Ten gets to Indianapolis in December.