2023-24 College Football Playoff rankings, odds and matchups for Jan. 1 semifinals

If you make a purchase after clicking on links within this article, Lee Enterprises may earn affiliate commissions. The news and editorial departments had no role in the creation or display of this content.

The final College Football Playoff rankings are here and we finally have our matchups for the national semifinals on Jan. 1:

• Rose Bowl: No. 1 Michigan (-2.5) vs. No. 4 Alabama - 5 p.m ET
• Sugar Bowl: No. 2 Washington (+4.5) vs. No. 3 Texas - 8:45 p.m. ET

Following Washington's win on Friday night, championship Saturday certainly brought the drama with Alabama taking down then-undefeated and No. 1 Georgia in the SEC title game and flipping the CFP picture on its head. The debate raged about the resumes of all involved, but the committee decided Alabama is one of the four best teams over a Jordan Travis-less, but still undefeated, Florida State club. 

Now that the final CFP rankings and matchups for the Sugar Bowl and Rose Bowl have been determined, we can look squarely at updated College Football Playoff odds, previews and early predictions for New Year's Day. 

Updated 2023-24 College Football Playoff odds for Sugar Bowl, Rose Bowl on Jan. 1

The 2023-24 College Football Playoff semifinals will take place on New Year's Day, with the Rose Bowl Game from Pasadena at 5 p.m. ET and the Sugar Bowl from New Orleans at 8:45 p.m. ET.

Below are odds and previews for both matchups:

2024 Rose Bowl odds: Michigan (-2.5) vs. Alabama - Jan 1 (5 p.m. ET)

The Wolverines cruised to a Big Ten title and wind up as the No. 1 team with Georgia's loss to Alabama and now, Michigan (+115) is the clear favorite to win the national championship. Michigan's defense allowed the second-fewest yards per game this season (239.7) and Crimson Tide QB Jalen Milroe is in for his toughest test yet. 

That said, Alabama just ended Georgia's 29-game win streak and stole the Big Ten title along with yet another CFP berth. Nobody should be doubting whether Nick Saban's team is capable of pulling of yet another improbable win and potentially another national title. 

2024 Sugar Bowl odds: Washington vs. Texas (-4.5) - Jan 1 (8:45 p.m. ET)

The unbeaten Huskies secured their trip to the College Football Playoff with a second win over Oregon in the Pac-12 title game, and now they slide up to No. 2 in the Sugar Bowl. Texas' resume is quite impressive, as it includes a double-digit win over No. 4 Alabama and a very convincing Big 12 title as it exits the conference for the SEC.

Texas (-4.5) is the favorite here and should have significant support from the crowd in New Orleans. This is also a game in which we should expect plenty of points. 

College Football Playoff Rankings, Odds: Michigan takes No. 1, Alabama sneaks into CFP

We were blessed as college football fans over the weekend. The CFP race was completely flipped on its ear by the results, sparking a debate that has been raging since Saturday afternoon. Washington took down Oregon in the Pac-12 title game, cementing its place. Michigan won the Big Ten title against Iowa, also clinching their spot.

But after that, it wasn't quite so clear until the committee put Alabama in over Florida State on Sunday afternoon.

Here were some resume highlights and things to know:

• Florida State (13-0) went unbeaten and by what it accomplished, deserves a spot. That said, this is clearly not one of the top four teams in the nation as presently built. 
• Alabama (12-1) beat the No. 1 team in the nation who hadn't been beaten for 29 games, but lost to Texas head-to-head. An SEC champ has never been left out of the playoff. 
• Texas (12-1) beat Alabama this season and won the Big 12 title. 
• Georgia (12-1) suffered its only loss to Alabama in the SEC Championship game. 

Best College Football Sportsbook Apps & Bonuses

You must be over 21 to play. Gambling Problem? Call 1-800-522-4700. 1-800 GAMBLER.

Catena Media provides exclusive sports betting content to FrontPageBets.com, including picks, analysis, tools and sportsbook offers to help bettors get in on the action. Please wager responsibly.

Brian Sausa is a New York-based content creator for Catena Media with an extensive betting history and several years of iGaming industry experience. A journalism graduate with a ranging sports background, Brian’s previous employment includes the flagship sites for multiple professional leagues including the MLB and NHL.