2022 Pac-12 title odds: A 3-horse race

It's been six years since a Pac-12 program participated in the College Football Playoff. Even the most optimistic football fan west of the Rocky Mountains has to admit this league is a cut below the other Power 5 conferences.

That means the top tier here shouldn't be held in as high regard as those in the SEC, Big Ten, or Big 12. As a result, there are three co-favorites on the Pac-12 oddsboard, while other leagues had just one or two standout teams.

Pac-12 Championship Odds

Favorites

The Pac-12 scrapped its two-division format in May, which changes the calculus for how teams earn their way to the eventual winner-take-all game in Las Vegas.

With three teams above the rest on the board and no divisions, we instead need to focus on who plays who. Unlike the other division-less conference - the Big 12 - the Pac-12 doesn't play a balanced round-robin schedule.

Oregon might not have the talent or program stability of a USC or Utah, but the Ducks will avoid the Trojans on their slate and get the Utes - along with UCLA and Washington - at home. A bet on Oregon now could be looked at as a reserve price on the Ducks' moneyline, assuming they can prevail in at least two of those three home games.

Utah is the incumbent champion with a well-entrenched, long-time head coach in Kyle Whittingham and a program that's been a league contender for years. USC has new energy with Lincoln Riley and Caleb Williams in from Oklahoma, in addition to other key transfers. However, the Utes have the early edge between the two, as Utah is a 3-point favorite in lookahead markets in the teams' only matchup, which is happening in Salt Lake City.

Sleepers

Not only is there little value in betting on one of the two former South favorites, but there's also not much merit in backing a long shot. UCLA gets both Utah and USC at home, and while the Bruins are considered short underdogs in each game, winning those contests essentially amounts to a +500 parlay. After that, you'd need UCLA to be the title game favorite for the team's current 10-1 odds to be valuable.

Prior to divisional elimination, it would've been easier to find a surprise Pac-12 team in the North with Oregon as a vulnerable division favorite. But despite Washington's pedigree, buying a bounce-back year for the Huskies at just 10-1 seems foolish after their disastrous season under Jimmy Lake. Washington won't play either Utah or USC, but the Huskies still have to finish higher than those teams in the standings - something they weren't required to do before.

Oregon State made a big jump last season as its offense became envied throughout the league, but a visit from the Trojans and a trip to Salt Lake City in the team's first two league games is nothing to be jealous about.

The Pac-12 has provided chaos on a week-to-week basis for years, even before its teams started cannibalizing each other out of CFP contention. The best way to bet on big prices here may be to find the valuable underdogs each game and prey on the wild results we've grown accustomed to.

Matt Russell is a betting writer for theScore. If there's a bad beat to be had, Matt will find it. Find him on Twitter @mrussauthentic.