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How much longer will betting the Buckeyes yield big bucks?

Ohio State has become a quandary for oddsmakers and sharps this season. The second-ranked Buckeyes are playing as well as projected superpowers Alabama and Clemson (arguably much better than the Tigers). Should they be priced at national championship caliber from this point forward?

That’s something for bettors to think about as they watch a special Friday night feature matching Ohio State and Northwestern in Big 10 action.

Ohio State is 6-0 straight up, 5-1 against the spread this season. If you accept the premise that point spreads accurately reflect how teams are “rated,” then the Buckeyes have been one of the most underrated teams in the country. Nobody’s undefeated ATS. Others at 5-1 ATS are Wisconsin, Auburn, Oklahoma State, Cincinnati, SMU, Tulane and Louisiana-Lafayette, according to the standings page at covers.com.

It doesn’t happen often, but sometimes traditional powers that are “public favorites” make money. Fading them proves costly.

“Great teams that are underrated” also have a solid postseason history. What would you make a playoff point spread between Ohio State and Alabama if they battled on a neutral field tonight? Whatever your number, it’s probably not as large in Alabama’s favor as you would have suggested back in August.

A barrage of blowouts has vaulted Ohio State up the futures boards. But the Buckeyes haven’t yet caught Alabama and Clemson in William Hill’s odds to win the national championship. Here are the latest numbers for top contenders, with the win-percentage equivalent in parentheses.

Alabama +225 (31 percent)

Clemson 5/2 (29 percent)

Ohio State 4/1 (20 percent)

Oklahoma 5/1 (17 percent)

LSU 6/1 (14 percent)

Wisconsin 10/1 (9 percent)

Georgia 12/1 (8 percent)

Sportsbooks build a universe larger than 100 percent to create a house edge. There’s a 100 percent chance somebody is going to win the national championship. Those seven teams listed add up to 128 percent by themselves. William Hill’s universe is in the vicinity of 140 percent for the whole field of potential winners.

Clearly, futures odds don’t offer many smart percentage bets. But, if Ohio State really is as talented as Alabama and Clemson, it might still offer value at 4/1.

Because the Heisman Trophy often goes to the best offensive player on the best team, Ohio State quarterback Justin Fields has joined the cash conversation. Here are the latest odds to win the Heisman from William Hill:

Tua Tagovailoa, Alabama -150 (60 percent)

Joe Burrow, LSU 9/5 (36 percent)

Jalen Hurts, Oklahoma 4/1 (20 percent)

Justin Fields, Ohio State 10/1 (9 percent)

Jonathan Taylor, Wisconsin 10/1 (9 percent)

The first two players are already at 96 percent! The quintet adds up to 134 percent (If you’re wondering about Clemson quarterback Trevor Lawrence, he’s fallen to 40/1, which is 2.4 percent). Fields will have a chance to earn votes in additional prominent TV games Oct. 26 versus Wisconsin, Nov. 23 versus Penn State, and Nov. 30 at Michigan.

Ohio State likely will close near a four-touchdown favorite over Northwestern on Friday night. Is that enough?