Sixty-eight teams enter March Madness with a chance to win the national championship, though the list of legitimate contenders is much smaller. The betting odds at the start of the NCAA Tournament indicate that only a handful of teams stand out as the favorites.

At the top of the list is Gonzaga. The Bulldogs could potentially go down as one of the best teams in recent years. The No. 1 seed in the West region of the bracket, the Bulldogs are the top-ranked team in the nation. Gonzaga is looking to become the first preseason No. 1 team in 12 years to win the national title.

With +200 odds to win the NCAA Tournament, according to FanDuel Sportsbook, Gonzaga is the clear favorite. Their championship odds are three times better than anyone else in the field.

Gonzaga has a perfect 26-0 record. Winning the title would make the Bulldogs the first undefeated team since 1976.

Baylor and Illinois are tied with the second-best odds at +600. Baylor, the No. 1 seed in the South region, only has two losses on the season. Illinois was named the top team in the bracket’s Midwest region after winning 14 of 15 games and earning the title in the sport’s toughest conference.

Michigan, the bracket’s fourth No. 1 seed, has +800 title odds.

There’s a noticeable gap between the No. 1 and No. 2 seeds. Iowa is given the best chance to win the tournament out of all the No. 2 seeds with +1700 odds. Alabama, Houston and Ohio State all have +2100 championship odds.

No. 4 seed Oklahoma State (+3500) is considered to be as much of a title contender as any No. 3 seed. The Cowboys are led by Cade Cunningham, the presumptive No. 1 overall pick in this year's NBA Draft.

Texas (+3500), Florida State (+4000) and Kansas (+4500) are next on the list. Purdue (+5000) is the only team in the field that hails from Indiana, where the entire tournament will be played.

Virginia (+5000) is somewhat of a long shot to win another national title. The Cavaliers won the 2019 NCAA Tournament, technically making them the reigning champions since the pandemic forced the cancellation of March Madness in 2020.

West Virginia (+5000) is the only other team that doesn’t have worse than 50/1 championship odds.

Kofi Cockburn Illinois Michigan basketballl
Kofi Cockburn #21 of the Illinois Fighting Illini celebrates a second half basket with teammates while playing the Michigan Wolverines at Crisler Arena on March 02, 2021 in Ann Arbor, Michigan. Gregory Shamus/Getty Images
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