Heisman Odds After Week 5: Jeremiah Smith Hits Even Money

• Jeremiah Smith passed his Iowa test and is now a clear Heisman favorite
• Keelon Russell and CJ Carr both climbed into the second tier
• See the updated Heisman odds after Week 5 below, plus where the value sits

The road test did not slow Jeremiah Smith down one bit. Ohio State’s receiver went to Kinnick Stadium against a ranked Iowa team and put up another 200-yard afternoon.

Keelon Russell and CJ Carr moved up behind him. Kamario Taylor and Jadan Baugh, who were both top-four names a week ago, went the other direction in a hurry.

Here’s where the Heisman odds sit after the leading contenders played Saturday, and which prices are worth watching into Week 6.

Updated Heisman Odds After Week 5

Odds from BetMGM as of Oct. 4. New customers can grab a BetMGM promo code before betting futures, and you can compare numbers across the best college football betting apps.

Smith is now even money at +100, down from +250 last week. A $100 bet returns $100 in profit, which translates to a 50% implied chance before the book’s margin is stripped out. That is the market calling him the most likely winner, not a sure thing.

Russell made the biggest climb of the week, going from +2500 to +1000. Baugh went from +1000 to +5000 and Taylor fell from +600 to +3000.

Jeremiah Smith Answers the Iowa Test

Smith caught 11 passes for 206 yards and two scores as No. 5 Ohio State beat No. 14 Iowa 31-14. Back-to-back 200-yard games, and this one came on the road against a ranked defense.

Those 11 catches pushed him to 207 for his career, the most in Ohio State history. His 57-yard touchdown in the third quarter was his 36th career scoring grab, breaking Chris Olave’s school record, and he already owns the Buckeyes’ career receiving yardage mark at 3,381.

He struck the Heisman pose after that 57-yarder, to put an exclamation point on his record-setting afternoon.

To me he’s the best player in the sport right now, and I don’t think it’s especially close. That is not the same as calling him a lock in the 2026 Heisman Trophy odds. Voters lean quarterback, Ohio State already has a loss, and Julian Sayin is putting up big numbers in the same offense.

Russell and Carr Climb the Heisman Odds

Russell shortened to +1000 in the Heisman odds after going 16-of-22 for 285 yards and three touchdowns in Alabama’s 56-23 win at Mississippi State, adding a rushing score for four total. That is a ranked road win and the cleanest explanation for his jump to +1000.

Carr matched him at +1000 after going 21-of-29 for 234 yards and four touchdown passes in a 37-26 win at North Carolina. He added a fourth-down rushing score, and Notre Dame is 5-0.

Gunner Stockton showed up at +3000 after throwing for 295 yards and three scores in Georgia’s 38-14 win over Vanderbilt. He wasn’t in last week’s published table, so there’s no comparison to make, but he and Russell meet in Tuscaloosa on October 10.

Biggest Heisman Odds Drifters After Week 5

Baugh’s Heisman odds took a major hit after a rough afternoon. Missouri held him to 13 yards on 12 carries in a 45-17 loss, and Florida managed just 42 rushing yards as a team.

Taylor’s slide came with the Alabama loss. Josh Hoover drifted from +2500 to +5000 despite throwing four touchdowns in a 47-15 win over Rutgers, which is the odder one of the group.

Austin Simmons entered at +5000 after going 23-of-30 for a career-high 340 yards and two scores in Missouri’s upset of No. 8 Florida.

Heisman Betting Value After Week 5

Smith’s Heisman price at even money is a tough buy after a move from +250 to +100 in a week. I think he’s the right favorite, but you’re paying full freight now with plenty of football left to play.

Keelon Russell at +1000 at BetMGM is the one I keep circling. Alabama hosts unbeaten Georgia next Saturday night, which is the kind of stage that can move a number in a hurry. The flip side is real, too, since a loss or a quiet game undoes most of this week’s gain.

Mensah stayed second at +400 after an 18-of-27, 227-yard night plus a 34-yard touchdown run in a 41-13 win at Clemson. Miami is 5-0, but he’s on a bye in Week 6 while Smith keeps playing, and the production gap between them is widening.

Hoover at +5000 is worth a bookmark rather than a bet. Indiana visits Nebraska next, then hosts Ohio State on October 17, and an unbeaten Hoosiers team with a win over the Buckeyes would reprice him overnight.