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Sep 5, 2026; Eugene, Oregon, USA; Oregon Ducks head coach Dan Lanning encourages players during warm ups before a game against the Boise State Broncos at Autzen Stadium. Mandatory Credit: Troy Wayrynen-Imagn Images | IMAGN IMAGES via Reuters Connect · IMAGN IMAGES via Reuters Connect

There's rebounding from an upset loss, and then there's responding the way that the No. 20 Oregon Ducks did after their Week 2 defeat at the hands of Oklahoma State.

The Ducks (2-1) returned to Autzen Stadium six days after their shocking 39-31 loss to the Cowboys (2-1) by posting a record-setting 84-0 win over Portland State (0-4, 0-1 Big Sky).

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Sept. 18, 2026; Eugene, Oregon, USA; Oregon quarterback Dante Moore walks the field after the Ducks win over the Portland State Vikings at Autzen Stadium. | USA TODAY Network via Reuters Connect · USA TODAY Network via Reuters Connect

Dan Lanning's squad showed very few flaws in dismantling the Vikings for the largest margin of victory in the 132-year-old program's history.

Oregon's national championship odds took a hit, according to BetMGM, after the Oklahoma State loss, dropping from a preseason +700 to +2000 after limping out of Stillwater.

The full-on throttling of Portland State did not improve the Ducks' title odds. In fact, it cost them in the eyes of the oddsmakers. But potential redemption looms just days away for Lanning's crew.

84 Points Were Not Enough

Oregon's historic performance did little for its standing among the sportsbooks. Despite the one-sided result, the Ducks continued to see their national title odds slip.

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Sept. 18, 2026; Eugene, Oregon, USA; Oregon wide receiver Dakorien Moore hauls in a touchdown reception in the Ducks 84-0 win over Portland State Vikings at Autzen Stadium. | USA TODAY Network via Reuters Connect · USA TODAY Network via Reuters Connect

After the first three weeks of the season, Oregon now sits at +2500 to emerge as the last man standing in this year's College Football Playoff, per BetMGM.

That same slide repeated across books, with FanDuel adjusting Oregon from +2200 to +2500 and DraftKings from +1800 to +2200.

The Ducks' implied probability over the course of the first three games has dropped from 12.5 percent in the preseason and now sits at 3.8 percent.

Oregon's decline in odds isn't necessarily tied to playing an inferior opponent, accusations of running up the score, or any of the sort. Instead, the Ducks' slide has more to do with the success of some quickly rising teams throughout the country.

Make Way for No. 4 Ole Miss

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Sept. 19, 2026; Oxford, Mississippi, USA; Ole Miss tight end Caleb Odom stiff arms LSU safety Tamarcus Cooley during a game between the Rebels and Tigers at Vaught Hemingway Stadium. | USA TODAY Network via Reuters Connect · USA TODAY Network via Reuters Connect

Oregon put up the points, but it was No. 4 Ole Miss (3-0, 1-0 SEC) who walked out of Vaught-Hemingway Stadium on Saturday with a resounding quality win over No. 10 LSU.

The oddsmakers took notice, vaulting the Rebels above Oregon to +1700, yet still behind LSU at +1500, according to BetMGM.

Texas Tech (+2000, BetMGM) now sits between Ole Miss and Oregon, with the Ducks rounding out the top 10.

DraftKings upped Ole Miss' odds to +1500, while FanDuel marked the Rebels at +1800.

BetMGM National Championship Odds (as of Sept. 20, 2026)

Ohio State +550
Texas +600
Notre Dame +650
Georgia +700
Miami +800
Indiana +900
LSU +1500
Ole Miss +1700
Texas Tech +2000
Oregon +2500

Oregon gets a chance to help its own cause in Week 4 in Los Angeles against No. 12 USC (4-0, 1-0 Big Ten) and potentially rejoin the conversation among the nation's top contenders.

The Clash: No. 20 Oregon and No. 12 USC

Up this week for Oregon is the Ducks' first opportunity to reverse their title-odds fortunes when they take on USC at the Los Angeles Memorial Coliseum.

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Nov. 11, 2023; Eugene, Oregon, USA; Oregon Ducks running back Bucky Irving is taken down by the USC defense during a 2023 game at Autzen Stadium. | USA TODAY Network via Reuters Connect · USA TODAY Network via Reuters Connect

The gap in championship odds between the two former Pac-12 rivals has narrowed significantly since the preseason, shrinking to just a +500 differential, per BetMGM.

Where BetMGM placed Oregon at +700 to begin the year and the Trojans at +4000, those numbers have now shifted to +2500 for the Ducks and +3000 for USC.

FanDuel (Oregon +2500, USC +5500) and DraftKings (Oregon +2200, USC +3300) follow a similar pattern.

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Sep 18, 2026; Eugene, Oregon, USA; Oregon Ducks quarterback Dante Moore warms up before a game against the Portland State Vikings at Autzen Stadium. Troy Wayrynen-Imagn Images | IMAGN IMAGES via Reuters Connect · IMAGN IMAGES via Reuters Connect

Regardless of who wins, Saturday's bout provides both teams a chance to improve their national championship standing, while another loss for Oregon could send the Ducks even further down the list.

And for two programs that have been gravitating towards one another in the national title landscape, this game is the first opportunity for the Ducks and Trojans to put some space between themselves.

Game odds refresh periodically and are subject to change. If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER.

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This article was originally published on www.si.com/college/oregon as Oregon Ducks' National Championship Odds Tumble Despite Historic Win.

Source: Yahoo Sports