Here are the final College Football Vegas Rankings heading into bowl season. Alabama continues to be the top team, holding a 2-point lead against Oklahoma. Tied for the fourth-best team in the rankings is Michigan State and Ohio State, with the Spartans getting the nod in the College Football Playoff.
The CFB Vegas Rankings are the composite power ratings of a panel of professional handicappers and college football statisticians, including fellow Insider Phil Steele, Brian Edwards and Bruce Marshall of The Gold Sheet. The ratings are intended to weigh the relative strength of the teams if they met on a neutral field and to be compared to the point spread on a given game. For example, if Alabama and Oklahoma were to play on a neutral field this week, the Crimson Tide would be considered a 2-point favorite by our ratings.
Here's a look at the 25 best teams in college football right now, according to our panel, along with a table at the bottom ranking all 80 bowl teams.
1. Alabama Crimson Tide (48.5)
Alabama enters Bowl season as the No. 1 team in the country in the College Football Vegas Rankings. The Crimson Tide face Michigan State where they are 9.5-point favorites. Alabama is currently 7-6 ATS this season entering the College Football Playoff.
2. Oklahoma Sooners (46.5)
Oklahoma put up a great performance two Saturday's ago beating Oklahoma State in what turned out to be a Big 12 championship game. The Sooners are facing Clemson in the College Football Playoff where they are a 3.5-point favorite against the Tigers.
3. Clemson Tigers (44)
After beating and covering against North Carolina, Clemson enters the College Football Playoff Semifinal 6-5-2 ATS. Clemson is a 3.5-point underdog in the semifinal as the No. 1 team in the country and the only undefeated FBS team.
T-4. Michigan State Spartans (43.5)
Tied for fourth in the College Football Vegas Rankings with the Buckeyes is Michigan State. The Spartans defeated the Iowa Hawkeyes in the Big Ten championship game and now face Alabama as a 9.5-point underdog in the College Football Playoff semifinal.
T-4. Ohio State Buckeyes (43.5)
Ohio State faces Notre Dame on New Year's Day in the Fiesta Bowl. The Buckeyes are 6.5-point favorites against the Fighting Irish and just 5-7 ATS entering their bowl game, which guarantees them an under .500 ATS season.
6. Stanford Cardinal (43)
Stanford started the season 6-1 ATS but since then it has alternated ATS wins and losses ending with the win and cover against USC. Stanford ends its season at the Rose Bowl against Iowa where it is 6.5-point favorites against the Hawkeyes.
7. TCU Horned Frogs (41.5)
TCU finishes its season facing Oregon in the Alamo Bowl. The game is currently listed as pick'em with an Over/Under of 78, the highest of any of the bowl games. TCU ended the regular season with back-to-back ATS wins against Oklahoma and Baylor.
T-8. Houston Cougars (40.5)
A fantastic season so far, as the Houston Cougars boast a 12-1 SU and 8-5 ATS record. Houston plays Florida State in the Peach Bowl where the Cougars are 7-point underdogs. It will be only the third time this season as an underdog for Houston and it is 2-0 SU/ATS.
T-8. Iowa Hawkeyes (40.5)
For Iowa, it was most likely between a trip to the playoff to face Alabama or the Rose Bowl to face the Pac-12 winner. The Hawkeyes played Michigan State till the end and lost. Iowa is a 6.5-point underdog against Stanford.
T-8. Notre Dame Fighting Irish (40.5)
Notre Dame ended the regular season 6-5-1 ATS, its first over .500 ATS record since 2012. The Fighting Irish now face the Buckeyes in the Fiesta Bowl where Notre Dame is a 6.5-point underdog, its fourth game this season as an underdog where it is 2-0-1 ATS.
T-8. Ole Miss Rebels (40.5)
After moving past its in-state rival Mississippi State in the Egg Bowl, the Rebels are 9-3 SU and 8-4 ATS on the season. Ole Miss now faces Oklahoma State in the Sugar Bowl where it is a 6.5-point favorite. The Rebels only ended up being listed as an underdog once this season against Alabama where they upset the Crimson Tide in Tuscaloosa, Alabama.
12. Oregon Ducks (40)
Even after Oregon failed to cover three of its first four games of the season, the Ducks battled back to still finish with nine wins and a record of 7-5 ATS. Oregon now faces TCU in the Alamo Bowl with the spread listed as pick'em. The Ducks failed to cover against Oregon State, breaking their five-game ATS winning streak.
T-13. Baylor Bears (39.5)
Baylor has failed to cover five of its past six games and the Bears have yet to be listed as an underdog in any game this season. Baylor is currently a 3-point favorite against North Carolina in the Russell Athletic Bowl.
T-13. Florida State Seminoles (39.5)
Florida State ended the season 8-4 ATS and now faces Houston in the Peach Bowl at noon on December 31. The Seminoles are currently a 7-point favorite against the Cougars and the have covered five straight games dating back to October 31 heading into this game against Houston.
15. North Carolina Tar Heels (39)
Just a tremendous season all around for North Carolina, finishing 11-2 SU and 8-5 ATS. The Tar Heels are 3-point underdogs against Baylor in the Russell Athletic Bowl, their fourth game as an underdog this season (1-2 SU/ATS).
16. Michigan Wolverines (37.5)
Michigan lost at home to Ohio State to make the Wolverines 6-6 ATS this season, losing four of its past six ATS. Michigan now faces Florida in the Citrus Bowl on January 1. The Wolverines are a 4.5-point favorite against the Gators.
17. Oklahoma State Cowboys (37)
Oklahoma State finished the regular season with three straight ATS losses to Iowa State, Baylor and Oklahoma. The nightcap on January 1 has Oklahoma State facing Ole Miss in the Sugar Bowl. The Cowboys are 6.5-point underdogs, their second-largest spread this season behind being plus-7.5 versus Oklahoma.
T-18. Tennessee Volunteers (36.5)
After an up and down season, Volunteer fans can't complain...the Vols have a trip to the Outback Bowl against Northwestern. Tennessee finished the season 8-4 SU and 7-5 ATS and is an 8.5-point favorite against the Wildcats.
T-18. Arkansas Razorbacks (36.5)
After a 1-3 SU and ATS start to the season, Arkansas bounced back and ended the season on a 6-2 ATS run. Arkansas now faces Kansas State in the Liberty Bowl, listed as an 11.5-point favorite against the Wildcats.
20. LSU Tigers (35.5)
LSU will face Texas Tech in the Texas Bowl from NRG Stadium in Houston. The Tigers are listed as a 7-point favorite against Texas Tech, its largest point-spread favorite since facing Western Kentucky in October.
T-21. Florida Gators (35)
A main theme in Florida's season this year was a lack of offense: In Florida's 12 games during the regular season, the under hit in eight of the 12 games. Florida now faces Michigan in the Citrus Bowl as a 4.5-point underdog.
T-21. Wisconsin Badgers (35)
Wisconsin has had a very up and down season finishing 6-6 ATS, only stringing together back-to-back ATS wins once. The Badgers face USC in the Holiday Bowl where it has an opportunity to beat a great program as a 3-point underdog.
T-23. Georgia Bulldogs (34.5)
Georgia finished the season 4-7 ATS, losing five straight ATS in the middle of the season. The Bulldogs have covered three of their past four heading into the TaxSlayer Bowl against Penn State. Georgia is listed as a 6.5-point favorite against the Nittany Lions.
T-23. Navy Midshipmen (34.5)
Tied for 23rd in the College Football Vegas Rankings is the very deserving Navy Midshipmen. After beating Army but failing to cover, Navy enters the Military Bowl against Pittsburgh 10-2 SU and 8-4 ATS.
25. USC Trojans (34)
USC battles Wisconsin in the Holiday Bowl where the Trojans are a 3-point favorite. The good thing for USC is that it was 0-3 SU and ATS as an underdog this season. The Trojans have just covered one of their past five games overall.
Value plays
Here are the biggest value plays based on differential between the College Football Vegas Ratings and the Vegas Point Spread via Westgate Las Vegas SuperBook.
Birmingham Bowl: Auburn Tigers/Memphis Tigers
Vegas: Auburn -2.5
Cappers: Memphis -5.8
Difference: 8.3 points
Auburn has failed to cover its last three games and Vegas favors them over Memphis by 2.5 points. Auburn was miserable ATS this season, finishing 2-10 ATS with just wins against Texas A&M and Kentucky. The consensus handicappers clearly favor Memphis by almost six full points.
Peach Bowl: Houston Cougars/Florida State Seminoles
Vegas: Florida State -7
Cappers: Houston -1
Difference: 8 points
Vegas clearly favors the Seminoles against Houston in the Peach Bowl while the consensus handicappers see it more as an even match and favor Houston much higher than Vegas seems to. Houston finished the season 8-5 ATS, including covering its last two games of the year.
Hawaii Bowl: San Diego State Aztecs/Cincinnati Bearcats
Vegas: Cincinnati -1.5
Cappers: San Diego State -5.7
Difference: 7.2 points
San Diego State started the season 0-4 ATS and has since gone 7-1-1 ATS, failing to cover its last game of the year against Air Force. Vegas sees this as more of an even matchup while the consensus handicappers definitely favor the Aztecs.
Armed Forces Bowl: California Golden Bears/Air Force Falcons
Vegas: California -7
Cappers: California -0.7
Difference: 6.3 points
California ended the regular season on a miserable ATS streak losing five of its last six, only covering at home against Oregon State. Air Force on the other hand has gone the opposite way ending the season 5-1-1 ATS. Vegas sees a distinct advantage in California, while the consensus handicappers really see Air Force and Cal as a pick'em game.
Heart of Dallas Bowl: Washington Huskies/Southern Mississippi Golden Eagles
Vegas: Washington -8.5
Cappers: Washington -2.5
Difference: 6 points
Southern Miss has been a covering machine this season ending the year 9-4 SU and 10-3 ATS. The Golden Eagles never lost two straight ATS, but they failed to cover its last game, the Conference USA championship, against Western Kentucky.