As the 2023 college football season has hit the one-third mark of the regular season, the Heisman Trophy race is starting to take more shape.

USC quarterback Caleb Williams, last year's Heisman winner, came into the season as the favorite and still has the best odds in the country. However, one player has joined him atop the odds board, someone from his conference to boot.

The latest Heisman odds at BetMGM have Williams and Washington Huskies quarterback Michael Penix Jr. as co-favorites for the highest individual honor in the sport. Both are currently installed at +350 to win.

The rest of the odds board features the likes of Texas QB Quinn Ewers (+600), Oregon QB Bo Nix (+1200) and Florida State QB Jordan Travis (+1300).

Heisman Watch: Can anyone catch Caleb Williams, Michael Penix Jr. or otherwise?

With the season not even reaching the halfway mark yet, there is plenty of time for Penix or anyone else to catch up to the Williams before voting takes place. To win the award, it will require Penix to lead Washington through an increasingly difficult gauntlet in the Pac-12. More importantly, it might require the quarterback to outduel Williams on Nov. 4 when Washington and USC clash.

Ewers is perhaps a more intriguing candidate with the path he has ahead of him. Texas has an easier schedule in the Big 12 and a great chance to go undefeated. Week 5's matchup against Kansas in addition to facing Oklahoma, Kansas State and maybe TCU presents the only real challenges for the Longhorns quarterback.

Ewers could potentially put up monster numbers in that game, but the same could also be said for Travis. Statistically, he's a bit behind the curve in comparison to especially Penix and Williams. But with two signature wins he's already led Florida State to and an easy finishing stretch in the ACC, he too could put up the numbers and have the team success to challenge for the award.