Michigan is the new consensus betting favorite to win the College Football Playoff and also boasts the Heisman Trophy favorite at sportsbooks around the nation.

The Wolverines moved ahead of Georgia in the national championship odds over the weekend. They're +220 at Caesar Sportsbooks, followed by the two-time defending champion Bulldogs at +280. It's the first time this season a team other than Georgia has been the favorite, and the first time in the playoff era that Michigan has been the national title favorite.

Michigan quarterback J.J. McCarthy became the consensus betting favorite to win the Heisman Trophy at sportsbooks after throwing for four touchdowns in the Wolverines' 49-0 rout of Michigan State on Saturday. McCarthy is the Heisman favorite at +230, followed by Washington quarterback Michael Penix Jr. at +280 at Caesars Sportsbook.

Georgia had been the national title favorite since November and began this season with a sizable lead over Michigan in the title odds. But the loss of star tight end Brock Bowers and a few sluggish performances by the Bulldogs helped the Wolverines narrow the gap.

Michigan's ascension in the betting market comes amid an investigation into an alleged sign-stealing scheme. Oddsmakers downplayed the impact of the allegations on the betting market and instead pointed to the Wolverines' upcoming November schedule as the biggest test. Michigan is at Penn State on Nov 11 and finishes the regular season by hosting No. 3 Ohio State.

"They're looking good," Adam Pullen, assistant director of trading for Caesars Sportsbook, said of the Wolverines. "But we're waiting a couple of weeks and they play Penn State and then Ohio State to see how really good."

More bets have been placed on Michigan to win the national championship than any other team at BetMGM sportsbooks. The Wolverines have attracted over twice as many bets as Georgia.