GREEN BAY, Wis. -- There are several ways to judge an offseason.

The ESPN Insider team took one approach late last month, when it assigned grades to every team’s free-agent moves . In that project, it gave the Green Bay Packers a C-plus.

Here's another way to do it -- by the Las Vegas odds.

In that regard, the Packers fared even better.

Two months after the LVH SuperBook listed the Packers' odds to win Super Bowl XLIX at 16-1, those odds have improved. In its latest figures released this week, the LVH SuperBook listed the Packers as 12-1 to win the Super Bowl.

Only four teams were listed ahead of the Packers -- the defending champion Seattle Seahawks (4-1), the runner-up Denver Broncos (5-1), the San Francisco 49ers (6-1) and the New England Patriots (8-1).

Vegas apparently likes the direction general manager Ted Thompson has gone this offseason, signing pass-rusher Julius Peppers to bolster the defense and retaining some of his own key free agents such as cornerback Sam Shields, nose tackle B.J. Raji, outside linebacker/defensive end Mike Neal, fullback John Kuhn, tight end Andrew Quarless and running back James Starks.