Here are the odds on who will take home the award, according to Bovada.
Baker Mayfield, QB, Oklahoma (+550)
Mayfield opens as the favorite after he threw for over 3,900 yards and 40 touchdowns in his junior season. The question is if he'll be able to keep those numbers up with Semaje Perine, Joe Mixon and Biltinekoff Award winner Dede Westbrook all headed to the pros.
J.T. Barrett, QB, Ohio State (+600)
Barrett announced his return for a fifth and final year in Columbus, but like Mayfield, will do it without several key players, including star running back Curtis Samuel. While he had a somewhat forgettable 2016 season, Barrett actually finished fifth in the Heisman voting back in 2014.
Lamar Jackson, QB, Louisville (+700)
It's a bit surprising to see the reigning winner sit so low on this list, at least until you remember that he lost the final three games of his 2016 campaign. Still, no one was as dynamic as Jackson last season after accounting for 51 total touchdowns.
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Sam Darnold, QB, USC (+900)
Darnold's stock skyrocketed -- at least in the eyes of the public -- following a record-setting five-touchdown performance in the Rose Bowl. He tossed 31 TDs on the year, despite starting just 10 games.
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Saquon Barkley, RB, Penn State (+1000)
Like Darnold, Barkley's breakout game came in the Rose Bowl when he rushed for 194 yards and tallied three touchdowns. It capped off a spectacular sophomore campaign, in which he earned Big Ten Offensive Player of the Year.
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Jake Browning, QB, Washington (+1000)
Browning was the Pac-12 Offensive Player of the Year in 2016 after throwing 43 touchdowns and leading the Huskies to the College Football Playoff. It will be interesting to see if he can match those numbers after All-American receiver John Ross left Seattle for the pros.
Trace McSorely, QB, Penn State (+1000)
While Barkley was the star in Happy Valley last year, McSorely might have been the single-most important player in the Nittany Lions' overall resurgence. In his first year starting, McSorely threw for 29 touchdowns and over 3,600 yards.
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Deondre Francois, QB, Florida State (+1200)
The Seminoles will enter 2017 as one of the favorites to win the title. But to do it, they'll need a big year from their sophomore quarterback. Francois threw for 20 touchdowns and over 3,300 yards in his first season as a starter in 2016.
Josh Rosen, QB, UCLA (+1200)
Assuming he can come back from a shoulder injury that cost him over half of the 2016 campaign, Rosen could be the biggest steal on this list. The soon-to-be junior (and possible No. 1 overall pick in the 2018 draft) threw 10 touchdowns in just six games last season.
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Mason Rudolph, QB, Oklahoma State (+1200)
The Pokes had a December to remember when both Rudolph and his star receiver James Washington elected to return to Stillwater in 2017. Rudolph threw 28 touchdowns and just four interceptions in 2016.
Jalen Hurts, QB, Alabama (+1200)
Even though Hurts couldn't lead Alabama to a championship in the title game, his rise was one of the best stories of the 2016 season. Hurts threw for over 2,700 yards while also rushing for 954 as a true freshman last year.
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Derrius Guice, RB, LSU (+1500)
On a list heavy with quarterbacks, Guice is one of the few running backs with a legitimate chance to win the award in 2017. He rushed for over 1,300 yards (including a staggering 7.8 per carry) while filling in for the oft-injured Leonard Fournette last fall.
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Bo Scarbrough, RB, Alabama (+1500)
Scarbrough proved just how deadly he can be, with a four touchdowns in two College Football Playoff games. He also proved just how fragile he can be, after another injury sent him to the sidelines against Clemson. Scarbrough has more than enough talent to win this award. The question is however, whether he will stay healthy enough to do it.
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