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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

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