After Week 5 of the 2024 college football season, the landscape for both the Heisman Trophy and the national championship has changed significantly.

Alabama's stunning upset of Georgia reshuffled the deck, catapulted Crimson Tide quarterback Jalen Milroe to the top of the Heisman race and changed the national title odds. I'll examine the latest odds for both games, highlighting the key players and teams whose fortunes changed after another exciting week of college football action.

All odds are correct as of the time stamp. For the latest odds, visit ESPN BET.

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Heisman Watch: Track the latest odds and top contenders

Jalen Milroe, QB, Alabama Crimson Tide (+225)

Last week: +750

Milroe has become the new betting favorite for the Heisman Trophy after a standout performance against Georgia, where he totaled 491 yards and four touchdowns in Alabama's upset win. In a historic feat, Milroe became the first player in the AP Poll era to record more than 300 yards passing, more than 100 yards rushing and more than two rushing touchdowns against a top-five opponent.

Head coach Kalen DeBoer has unlocked a new version of Milroe, displaying remarkable accuracy, clutch play and a high level of on-field acumen. Milroe's performance last Saturday was nothing short of great, especially in the first half when he completed 18 of 21 passes for a total of 305 yards and three total touchdowns. His clutch play was clearly on display with Alabama trailing late in the fourth quarter when he connected with freshman receiver Ryan Williams for a 75-yard touchdown.

This exceptional performance against a ranked Georgia team solidified Milroe's position as a Heisman front-runner and showcased his abilities as a dual-threat quarterback on the big stage.

Milroe's next big challenge will come in mid-October against a currently undefeated Tennessee team, where he will have another opportunity to showcase his skills on a big stage and further strengthen his Heisman candidacy.

Travis Hunter, WR/CB, Colorado Buffaloes (+750)

Last week: (+1600)

If you read regularly, you have a 30-1 ticket.

Colorado's Travis Hunter has played 92% of the Buffaloes' offensive and defensive snaps. Nobody else even played 60%!

Is he worth Heisman consideration?
There is still a lot of football left. Lots of big games that stand out. pic.twitter.com/6nU8vHNFtz

— Pamela Maldonado (@pamelam35) September 17, 2024

Hunter made a significant jump into the top three with his exceptional two-way play, including a standout performance against UCF where he caught a touchdown and made a game-winning interception.

As a receiver, Hunter is one of the best in the country. He ranks third in receptions (46) and receiving touchdowns (6) and ranks fifth in receiving yards (561). Defensively, he recorded two interceptions, three passes defensed (the leaders had six) and 16 total tackles. Beyond just the stats, Hunter has consistently performed well in crucial moments, such as his game-winning forced fumble against Baylor in Week 4.

Hunter's ability to impact the game on both sides of the ball sets him apart from his peers and could help him overcome the Heisman's tendency to favor quarterbacks from national championship-caliber teams. Hunter is on pace to finish the season with over 100 catches and 1,000 receiving yards while also being one of the best defensive backs in the country. No player in the history of the sport has created such a statistical profile.

Even if you're not a believer, there are reasons to buy anyway. For one, Colorado is currently tied for first place in the Big 12 with a conference record of 2-0, giving Hunter a platform to showcase his talents in meaningful games. Second, Hunter's performance already exceeds that of previous two-way Heisman winner Charles Woodson of Michigan (Woodson had seven interceptions and 43 tackles and 11 receptions for 231 yards and a TD to beat Peyton Manning of Tennessee for the award in 1997 ), potentially leading to a strengthening of his case. Finally, the uniqueness of Hunter's contributions makes it difficult for voters to compare him to traditional candidates, which could also work in his favor.

While challenges remain, including Colorado's overall record and historic quarterback preference, Hunter's exceptional and unprecedented season has significantly increased his Heisman chances and made him a serious contender for the award.

Ashton Jeanty, RB, Boise State (+1100)

Last week: +2000

If you follow this article every week, hopefully you have at least one 35-1 ticket. Jeanty presents remarkable figures. In Boise State's game against Washington State, Jeanty rushed for 259 yards and four touchdowns on 26 carries, leading Boise to a 45-24 victory. He is the only FBS player this season with four rushing touchdowns in multiple games (3). This has caught the attention of Heisman voters and oddsmakers.

Through four games, Jeanty leads the nation in total rushing yards (845) and rushing touchdowns (13) on just 82 attempts (tied for 14th). Jeanty's efficiency is remarkable. He has averaged 10.3 yards per carry, and if he keeps up that pace, he could potentially set the record for yards per carry over a full season.

Jeanty's versatility as both a rusher and receiver makes him a dual threat in the backfield. His outstanding performances not only increase his Heisman chances, but also increase his draft stock, with some analysts considering him a potential first-round pick in the 2025 NFL Draft.

As a running back, Jeanty stands out in a Heisman race typically dominated by quarterbacks. One milestone to keep in mind is the FBS rushing touchdown record of 37, set by Oklahoma State's Barry Sanders in 1988. Jeanty is expected to score 31 touchdowns, and with a few exceptional games he could potentially challenge that historic mark.

Ryan Williams, WR, Alabama Crimson Tide

If you're like me, you immediately looked up Williams' Heisman odds on ESPN BET after his standout performance against Georgia.

Williams had six catches for 177 yards, including a game-winning 75-yard touchdown catch with 2:18 left. He demonstrated an exceptional ability to adapt to the ball, stay in the field and evade defenders. What's notable is that he now has six catches of 40 yards or more this season.

However, Williams is not currently listed in the Heisman odds, which is understandable. As a true freshman, he hasn't had enough playing time to be considered a serious Heisman contender. The 17-year-old only has 16 receptions and doesn't even rank among the top 150 receivers.

But Williams' performances have certainly garnered national attention. His exceptional vision, contact balance, acceleration and toughness have quickly made him one of the most dynamic young players in college football. While he may not be a Heisman contender this year, his early successes suggest he could be a name to keep an eye on in future seasons, if not the coming weeks.

Latest National Championship Odds Breakdown

The chances of winning the national championship shifted after Georgia's loss to Alabama. The Crimson Tide have moved up to No. 1 in the AP Poll and now have the second-best odds (+375) to win the title, an improvement from +800 last week.

Ohio State is the current favorite (+350) heading into Week 6 despite being ranked No. 3, while No. 2 Texas (+500) remains a strong contender with a 5-0 record following a 35-13 win over Mississippi State.

Team to Watch: Indiana Hoosiers

Indiana's remarkable 5-0 start, its best since 1967, has catapulted the Hoosiers to No. 23 in the AP Top 25 poll, marking their first ranking since Week 1 of the 2021 season. The turnaround can largely be attributed to first-year head coach Curt Cignetti, who previously led James Madison. Cignetti orchestrated a major overhaul of the roster, bringing in 54 new players through transfers from his previous team and other schools.

The Hoosiers' offense was particularly impressive, averaging 49 points per game and totaling over 400 yards of offense in all five games. Transfer quarterback Kurtis Rourke was a key factor as he displayed efficiency and outstanding accuracy, particularly on long throws. This offense's balanced attack and big-play ability suggest it can compete with top Big Ten teams.

While Indiana's schedule has been relatively favorable so far, the upcoming matchups against Michigan and Ohio State will really test the Hoosiers' mettle. A surprising win over the Wolverines could leave Indiana with just one loss, significantly increasing their playoff chances. While a national title may be a long shot (+30,000), making the playoffs (+600) is within the realm of possibility if the Hoosiers can maintain their current form and pull off a few key upsets.