UM 12-1 to win national championship; MSU drops to 1,000-1

Gambling can be a confusing business.

Just check out the latest national-championship odds, courtesy of Bovada.

Michigan State was 275-1 to win it all following a loss to Northwestern. This week, the Spartans have plummeted to 1,000-1 following a 21-17 win over then-No. 8 Penn State. Of course, it's not all about results in gambling. That simply means, in theory, there's less money being bet on the two-loss Spartans than a week ago.

The story is similar for Texas Tech, which beat TCU, but went from 275-1 to 1,000-1, and Kentucky, which had a bye and dropped from 150-1 to 1,000-1.

Michigan, meanwhile, saw its odds improve to 12-1 from 16-1 following its 38-13 dmolition of then-No. 15 Wisconsin.

Michigan and Michigan State play at noon Saturday in East Lansing.

Here are the complete odds:

►Alabama: 5-9

►Clemson: 13-2

►Ohio State: 7-2

►Notre Dame: 19-2

►Michigan: 12-1

►Georgia: 15-1

►LSU: 30-1

►Oklahoma: 35-1

►Texas: 35-1

►Florida: 50-1

►West Virginia: 60-1

►Central Florida: 80-1

►N.C. State: 90-1

►Washington: 90-1

►Mississippi State: 100-1

►Penn State: 100-1

►Wisconsin: 100-1

►Iowa: 175-1

►Miami (Fla.): 175-1

►Oregon: 175-1

►Auburn: 275-1

►Kentucky: 1,000-1

►Michigan State: 1,000-1

►TCU: 1,000-1

►Texas Tech: 1,000-1

►South Florida: Off the board

►Stanford: Off the board