2026 Heisman Trophy Odds: Mensah New Favorite; Toney Leaps Jeremiah Smith

Indiana's Fernando Mendoza's 2025 season could not have been more perfect. 

He led his Hoosiers to an unblemished 16-0 season, captured the national championship in historic fashion and won the 2025 Heisman before being selected first in the 2026 NFL Draft by the Raiders.

Now that the path is clear for someone new to leave NYC in December holding the Heisman, who will it be?

Miami teammates Darian Mensah and Malachi Toney made their mark early this season before Ohio State’s Jeremiah Smith took over the spotlight with a string of record-breaking performances.

Now, the Hurricanes' duo is making another big push. With Miami off to an 8-0 start, a new favorite has emerged on the oddsboard. 

Let's check out the latest Heisman trophy odds at FanDuel Sportsbook as of Oct. 31.  

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Darian Mensah: +160
Malachi Toney: +300
Jeremiah Smith: +325
CJ Carr: +1275
Trinidad Chambliss: +1500
Drew Mestemaker: +2450

Here's what to know about the 2026 Heisman oddsboard:

Darian Mensah completed 22 of 29 passes for 274 yards, three touchdowns and no interceptions in Miami’s win over North Carolina. Mensah now has 25 touchdown passes on the season compared to just one interception. The Hurricanes are now 8-0 and No. 1 in the country, and Mensah has passed Jeremiah Smith as the Heisman favorite at +160 following Ohio State’s loss.

Mensah has been unreal against the blitz this season, completing 58 of 66 passes (87.9%) for an FBS-high 15 touchdowns and no interceptions. He has more touchdown passes against the blitz than incompletions.

Next week’s matchup against Notre Dame could make or break his Heisman campaign.

Malachi Toney also jumped Jeremiah Smith on the Heisman oddsboard and now trails only his teammate and quarterback, Mensah. Toney caught seven passes for 75 yards and two touchdowns against North Carolina, bringing his season total to 13 receiving touchdowns and tying Leonard Hankerson’s Miami single-season record (2010) in just eight games.

His 23 career receiving touchdowns also tie Lamar Thomas for second in school history, trailing only Michael Irvin (26). Toney's odds sit at +300. 

Jeremiah Smith now stands alone atop the Big Ten record books. His 40 career receiving touchdowns passed Braylon Edwards for the most in conference history, adding to his Ohio State career records for receptions and receiving yards.

But Ohio State’s loss to USC knocked Smith from the top of the Heisman oddsboard. He now sits third at +325, behind Mensah and Toney.

With quarterback Julian Sayin still sidelined and potentially out for an extended period of time, Smith’s path to the Heisman has gotten tougher.

CJ Carr completed 19 of 29 passes for 210 yards, two touchdowns and no interceptions in Notre Dame’s bounce-back win against Navy. He now sits fourth on the Heisman oddsboard at +1275.

Carr has thrown 18 touchdowns and just one interception on 222 pass attempts this season. Among FBS quarterbacks with at least 150 attempts, he ranks second in lowest interception percentage (0.45%) and third in touchdown-to-interception ratio (18-to-1). He has also gone 145 consecutive pass attempts without an interception.

Next week’s matchup against No. 1 Miami gives Carr a chance to take a major jump in the Heisman race.

Trinidad Chambliss completed 22 of 34 passes for 263 yards, two touchdowns and one interception on Saturday, adding another 65 yards and another score on the ground.

He is now one of just three FBS players this season with multiple games of at least 250 passing yards, 50 rushing yards and both a passing and rushing touchdown.

After throwing three interceptions in Ole Miss’ loss to Texas, Chambliss has moved back up to fifth on the Heisman oddsboard at +1500.