The Heisman Trophy is awarded to the best player in college football each season. Oddsmakers have already put out who the favorites are to win the award. Here are the preseason odds for the 2023 Heisman Trophy.
Note: Odds are from BetMGM.
| Player Name | Position | School | Odds |
| Caleb Williams | QB | USC | 5/1 |
| Jayden Daniels | QB | LSU | 9/1 |
| Quinn Ewers | QB | Texas | 10/1 |
| Jordan Travis | QB | Florida State | 12/1 |
| Bo Nix | QB | Oregon | 12/1 |
| Drake Maye | QB | UNC | 14/1 |
| Michael Penix | QB | Washington | 14/1 |
| Sam Hartman | QB | Notre Dame | 14/1 |
| Cade Klubnik | QB | Clemson | 14/1 |
| JJ McCarthy | QB | Michigan | 18/1 |
| Carson Beck | QB | Georgia | 20/1 |
| Joe Milton | QB | Tennessee | 20/1 |
| Drew Allar | QB | Penn State | 25/1 |
| Kyle McCord | QB | Ohio State | 25/1 |
| Marvin Harrison Jr. | WR | Ohio State | 25/1 |
| Blake Corum | RB | Michigan | 30/1 |
| Dillon Gabriel | QB | Oklahoma | 40/1 |
| TreVeyon Henderson | RB | Ohio State | 40/1 |
| Conner Weigman | QB | Texas A&M | 40/1 |
| Brock Vandagriff | QB | Georgia | 50/1 |
| Cameron Rising | QB | Utah | 50/1 |
| Tyler Buchner | QB | Notre Dame | 50/1 |
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