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In what has become an annual tradition, the discussion over the first College Football Playoff rankings has taken over the week. 

Tuesday night, the CFP committee announced its first of six rankings leading up to the final year of the four-team playoff format, and there was a major surprise at the top. 

The College Football Playoff National Championship trophy

The College Football Playoff national championship trophy is displayed on the field before the national championship between the Georgia Bulldogs and the TCU Horned Frogs at SoFi Stadium Jan. 9, 2023, in Inglewood, Calif.  (Steph Chambers/Getty Images)

Georgia has been at the top of The Associated Press's Top 25 for 20 consecutive weeks, but it isn't first in the only poll that matters. 

Ohio State comes in as No. 1 in the initial poll after wins over No. 15 Notre Dame and No. 11 Penn State. The committee clearly put a lot of weight on strength of schedule, and the Buckeyes have more quality wins than the Bulldogs. 

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Georgia came in at No. 2 in front of Michigan and Florida State. Washington, Oregon, Texas, Alabama, Oklahoma and Ole Miss round out the top 10. 

There’s bound to be change at the top over the next several weeks as the month of November will almost certainly claim its victims. But let's take a look at the current national championship odds, according to Caesars Sportsbook

Michigan +230

Despite accusations of sign-stealing swirling around the program, the Wolverines are the betting favorite to win the 2023 national championship. 

Michigan has its off week in Week 9 after dismantling in-state rival Michigan State on the road. Jim Harbaugh’s team has done what it was expected to do — thoroughly beat lesser teams on its less-than-impressive schedule. 

"It’s a Caesars Sportsbook opinion that Michigan is the best team in the country right now," Caesars Sportsbook college football lead Joey Feazel told Fox News Digital. 

"At this point, we see Michigan’s path much easier to get to the national title," he added. "And if they’re in that College Football Playoff, then they’re going to be also the favorite in every one of those guys, unless it’s Georgia. But, even so, that would be close to a pick-em either way."

Jim Harbaugh walks onto the field

Michigan Wolverines head coach Jim Harbaugh walks through the tunnel prior to a game against the Michigan State Spartans Oct. 21, 2023, at Spartan Stadium in East Lansing, Mich.  (Adam Ruff/Icon Sportswire via Getty Images)

Michigan has not played a Top 25 team so far this season, but its November schedule will be more challenging. 

After playing Purdue at home in Week 10, Michigan will travel to Happy Valley to take on No. 11 Penn State before taking on No. 1 Ohio State in "The Game" at the Big House. 

We’ll know soon enough if Michigan is as good as its record suggests. 

Georgia +270

Kirby Smart should be able to use the CFP snub as motivation as his Bulldogs enter a stretch of games against top-20 opponents. 

The back-to-back national champions are looking to accomplish a feat not seen since the Minnesota Golden Gophers in the 1930s by winning three straight championships. 

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Also a team with a schedule that has raised a few eyebrows, Georgia has looked better with each passing week. 

"The narrative early on was that Georgia was sleepwalking, and that may have been the case," Feazel told Fox News Digital. "It's in their grasp to make it to the College Football Playoff. Obviously, got to get through the remainder of games. Got a tough Missouri team this weekend.

"Obviously a different team this year but certainly well within their grasp to get to the College Football Playoff and go for a three-peat," Feazel said of Georgia.  

Georgia Bulldogs fans cheer

Georgia Bulldogs fans cheer during the second half of a game against the Florida Gators at EverBank Stadium Oct. 28, 2023, in Jacksonville, Fla. (James Gilbert/Getty Images)

Against No. 20 Kentucky, Georgia rolled to a 51-13 victory. Against Florida in Week 9 Saturday, the Bulldogs jumped all over the Gators for their 25th consecutive win. 

Now, the schedule gets challenging for Smart and his Bulldogs. 

Georgia welcomes No. 12 Missouri and No. 10 Ole Miss to Athens in Weeks 10 and 11 before heading to Neyland for a matchup with No. 17 Tennessee. 

Florida State +550

Mike Norvell has the Florida State Seminoles back in the limelight. 

The Seminoles have returned to the top of the sport after a long absence, smilar to what college football fans experienced in 2022 when Tennessee finally made its way back into the conversation.

With a quarterback in the Heisman Trophy conversation and a defense allowing just 18.3 points per game, the Seminoles have put themselves in prime position for a CFP spot. 

Mike Norvell talks with his team

Head coach Mike Norvell of the Florida State Seminoles huddles with his team during a game against the Wake Forest Demon Deacons at Truist Field Oct. 28, 2023, in Winston-Salem, N.C. Florida State won 41-16.  (Grant Halverson/Getty Images)

And the remaining schedule sure doesn’t cause much worry. 

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Florida State will face Pittsburgh, Miami, North Alabama and Florida, teams with a combined record of 16-17, to end its regular season.

The Seminoles will likely need to go undefeated to reach the playoff because the ACC only has two teams in the first CFP poll.  

Ohio State +700

The Buckeyes caused a stir Tuesday when they were selected as the No. 1 team in the CFP rankings. 

Ohio State grabbed the top spot due to its schedule after defeating No. 15 Notre Dame and No. 11 Penn State. 

Marvin Harrison Jr. warms up

Marvin Harrison Jr. of the Ohio State Buckeyes warms up before a game against the Wisconsin Badgers at Camp Randall Stadium Oct. 28, 2023, in Madison, Wis.  (John Fisher/Getty Images)

"They had the big win at Notre Dame, the win over Penn State, top-5 defense," CFP chairman Boo Corrigan said, according to Sporting News. "They have difference-makers on offense across the board. Marvin Harrison is elite. We came to the conclusion that they are No. 1." 

The Buckeyes have one remaining ranked game on its schedule, the annual matchup with No. 3 Michigan Nov. 25. 

Oregon +1200

Oregon is just a play or two away from being undefeated after losing to Washington in Week 7 and comes in as the top one-loss team in the rankings. 

The Ducks are coming off an impressive win over Utah on the road and will have multiple opportunities to impress the committee in November. 

Bo Nix plays against Utah

Bo Nix of the Oregon Ducks looks to the sideline for a play during the second half of a game against the Utah Utes at Rice Eccles Stadium Oct. 28, 2023, in Salt Lake City.   (Chris Gardner/Getty Images)

"There's been a love affair with Oregon this week and that's why we've seen them become the Pac-12 favorites despite one loss compared to Washington," Feazel said. 

Dan Lanning’s team will face USC and Oregon State over the next several weeks as they look for a potential rematch with Washington in the Pac-12 Championship Game. 

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The Pac-12 has been the best conference in college football all season and has six teams in the first CFP ranking. 

Texas +1400

Despite a gutting loss to Oklahoma in the "Red River Rivalry" game, Steve Sarkisian has his team in prime position heading into November. 

With Oklahoma’s loss to Kansas in Week 9, there is now a five-way tie atop the Big 12, as Texas, Oklahoma, Kansas State, Oklahoma State and Iowa State are all 4-1 in the conference. 

Week 10 should provide some clarity in the Big 12 as Texas and Kansas State square off, and Oklahoma and Oklahoma State play their "Bedlam" series for the last time in the conference before the Sooners head to the SEC in 2024. 

The health of quarterback Quinn Ewers is the major concern as he is week-to-week with a shoulder injury. 

Washington Huskies +1400

Alabama Crimson Tide +1400