We've had 10 weeks of football and nine different favorites to win the Heisman Trophy. That tells you everything: nobody has separated entering Week 11.
The only QB to hold the top spot in back-to-back weeks was Indiana's Fernando Mendoza, and even he just got passed by Ohio State's Julian Sayin.
Top Heisman Trophy candidates
Julian Sayin, QB, Ohio State +185 
Last week +400
It's not a surprise to see Sayin and Mendoza in the top two. Sayin has the cleanest quarterback résumé on the cleanest contender. The efficiency numbers are absurd, the bad snaps don't exist, and Ohio State's defense gives him a big margin for error, so he's able to operate with a level of calm that screams "finalist floor, winner ceiling."
The concern is that Sayin hasn't had to drag his team yet. He hasn't played a game where chaos forced him to become the solution. But the Heisman is reactionary, and right now Ohio State looks the part.
If he beats Michigan on the road, this race is basically done unless someone drops a five-touchdown game before votes are in.
Sayin is the most likely winner, but the value isn't there with volatility still in play.
His ceiling: Heisman. His floor: finalist.
Fernando Mendoza, QB, Indiana +225
Last week +300
Mendoza is elite, but the market got overeager. He has been surgical and the system fits him perfectly, but right now he feels more like the QB of the best story than the QB with the biggest imprint. When the game script goes off-schedule, I don't see the same takeover gear in high-leverage moments.
His game vs. Maryland exposed some fragility in his candidacy, not the player. When you're not a historical-brand QB, you don't get grace. Mendoza didn't separate, so perhaps he plateaued. That's what pushed him behind Sayin. But if Indiana wins out, and Mendoza has one late Heisman moment throw in a tight game? He can still win this.
Mendoza's Heisman run is still alive, but his momentum dipped. The +225 is "meh" at best. Ceiling: Heisman if Indiana finishes unbeaten. Floor: finalist.
Ty Simpson, QB, Alabama +450
Last week +400
Simpson is the pretender in this group. He's steady, good and efficient, but he isn't driving Alabama. Instead, he's benefiting from Alabama stabilizing around him. Simpson is the safest, least dangerous, least explosive candidate. He's managing the game well, and that works for playoff runs, but not for the Heisman.
Credit to Simpson for being composed in tight matchups, but Alabama would likely need to win the SEC for Simpson to win the award. His profile only wins if the landscape collapses, and with Ohio State and Indiana running things, that means consistent big-time producers.
Marcel Reed, QB, Texas A&M +850
Last week +700
This is (still) the only bet with juice. Reed's statistical profile isn't as pretty, but his impact is heavier. He may be the only QB of the bunch where you can say: Without him, they aren't undefeated. His road résumé matters. His clutch plays matter, and his season still has a nuclear moment sitting ahead.
Texas. On the road. Regular-season finale. That is the single biggest voter-eye game left in college football. If A&M enters undefeated and Reed balls, the leap can happen in one afternoon. That's how late-season Heismans get made.
Reed can win the award with one explosive statement game at the end. I'd say that Reed is the most undervalued live candidate. His odds are what I would consider "value" on the board. His floor: a top-five finish.
Final thoughts: It's Week 11 and it's still a race
The separation is beginning.
November is when the Heisman is earned. It comes down to who keeps his efficiency, who steps up when the stage gets bigger, and who creates the moment everyone remembers. The margins are tight, momentum still matters, and there is still room for one final push to shape this race.