CFB Playoff odds: Michigan, Alabama favorites to win title

The field of four is set — albeit not without some major controversy — and now all that's left to do is play the games. The College Football Playoff semifinals kick off on Monday, Jan. 1, with both games being played on ESPN throughout the evening.

The Rose Bowl gets the festivities started at 4 p.m. No. 4 Alabama will square off against No. 1 Michigan for the first time in four years. The Wolverines are favored by 1.5 points at Caesars Sportsbook, the official odds partner of Bet.NOLA.com, about a month out from the contest.

While we know the current spreads for each semifinal matchup, trying to predict the College Football Playoff's winner can be a bit more tricky. While the CFP committee used an unknown equation to get these four teams into the field, sharps evaluate a little more than just their résumé, recent success and stats.

Oddsmakers do too when setting the game lines, which is why nobody should be too surprised with the price you have to pay when picking each team to win the national championship.

The No. 1 team in the land, Michigan, is the favorite to claim its first championship since 1997. Sportsbooks favor Jim Harbaugh's side to finally get over the hump after three consecutive CFP appearances (+185).

Experience is obviously a crucial factor when determining favorites because Alabama (+200) trails the Wolverines by a slim margin. It's clear that whichever team closes as the favorite in the Rose Bowl will be the favorite to lift a trophy in a few weeks' time.

Meanwhile, the two Sugar Bowl participants are being given an outside chance against whichever team they come up against. Texas (+270) is getting a little respect solely because it is favored to leave New Orleans with a win and it already beat Alabama in Tuscaloosa this season. On the other hand, Washington (+750) has a mountain to climb as far as oddsmakers are concerned.

Nevertheless, many believe the final field of four is the most competitive that the College Football Playoff has had to date. We'll see in a matter of weeks.