Elsewhere, ESPN has Notre Dame, Oregon, Texas, and Penn State with a >99 percent chance to make the CFP, and Georgia, Indiana have a 99 percent chance, Tennessee has a 98 percent chance, Ohio State has a 96 percent chance, SMU has a 69 percent chance, and Boise State has a 68 percent chance as of this article's publication.

The Mustangs are No. 9 in the College Football Playoff rankings, the highest the school has ever been ranked. They now have a chance at vying for a shot at the national title. The big picture: The playoffs will have a 12-team format for the first time since the CFP was introduced in 2014 .

Oregon is the new betting favorite to win the national title following Ohio State's loss to Michigan. OSU, Texas and Georgia are next.

Conference championship games historically can be dreary affairs with overmatched opponents, but realignment has changed that dramatically. With almost every conference featuring a Nos. 1 vs. 2 setup,

Even after a gutting loss to archrival Michigan, Ohio State football has the second-best odds to win the College Football Playoff championship