In the lead-up to the inaugural season of the expanded 12-team College Football Playoff, the betting public is showing an appetite for risk, placing wagers on long shots to secure a spot in the tournament and even clinch the national championship. This growing boldness among bettors is shaping the landscape of sportsbooks, sparking a surge in handle and prompting bookmakers to adapt their strategies.

Veteran Las Vegas bookmaker, Ed Salmons of the SuperBook, expressed his surprise at the increasingly adventurous bets being placed. "You would never get a bet like that in years past. It's a bunch of teams that you'd never get money on," Salmons stated, citing a $200 bet on South Florida as an example. This newfound enthusiasm from bettors can be attributed to the expanded playoff format, which now offers more opportunities for teams to vie for a spot in the tournament.

According to ESPN BET, six teams are considered odds-on favorites to secure a place in the College Football Playoff: Ohio State (-650), Georgia (-600), Oregon (-300), Texas (-240), Penn State (-150), and Alabama (-105). These teams have garnered significant support from the betting public, who believe that the increased number of teams in the playoff will result in a more diverse range of potential winners.

Reflecting on the changes, Salmons noted, "The handle and the amount of tickets that we're writing has definitely been way better than I thought. I think the new format has really opened people's eyes." He also added that the previous two-team and four-team playoff systems had become somewhat predictable, and the introduction of the expanded format has injected new excitement and possibilities into college football betting.

As the anticipated kickoff of the college football season approaches, the betting landscape has experienced significant transformations. Conference realignment, alongside the expansion of the College Football Playoff, has reshaped the sport's structure, impacting how bookmakers establish future odds and leading to greater betting activity.

Patrick Jay, the head of sportsbooks at ESPN BET, highlighted the challenges faced by sportsbooks when setting odds in this new landscape. "With the expanded College Football Playoff format, setting odds is more nuanced than in previous years," Jay explained. He emphasized the importance of understanding how the selection committee will assess the teams' resumes while considering that the top four ranked conference champions will automatically secure the top four seeds, irrespective of their records.

An interesting consequence of the expanded playoff format is evident in Florida State's case. Last season, the team went undefeated and won the ACC, but was controversially left out of the College Football Playoff. However, under the current criteria, Florida State would have easily secured a playoff spot. As a result, the team finds itself among the top 10 in the national championship futures at ESPN BET, representing the impact of this new structure on betting expectations.

As college football embraces this season of change, the betting community is ushering in a new era of risk-taking. The expanded College Football Playoff format has captured the imagination of bettors, who are placing wagers on underdogs and long shots, all in pursuit of capturing that elusive national championship title. With the increased number of teams in the postseason, this year's college football season promises to be one filled with excitement and potential upsets.