The Oakland Raiders own one of the NFL’s best offenses, are currently riding their first three-game winning streak in five years for a 4-1 mark through five games, and are clear-cut contenders to not only make the postseason for the first time in more than a decade but potentially reach and win Super Bowl LI.

Behind third-year quarterback Derek Carr, the Raiders have 25/1 odds to win the Super Bowl this season, standing behind only nine other teams, according to the latest odds from VegasInsider. The New England Patriots remain the favorite to win it all this year at 18/5, while the Green Bay Packers, Pittsburgh Steelers, and Seattle Seahawks represent New England’s biggest challengers at 8/1 odds.

Oakland finds itself just behind the Arizona Cardinals (20/1), the Atlanta Falcons and Dallas Cowboys (18/1), the Minnesota Vikings (17/2), and the defending champion Denver Broncos (12/1).

While the odds might seem encouraging, the Raiders technically slip in the eyes of odds makers. Just prior to the start of the season, Oakland was listed at 20/1 odds but the minuscule slide could be attributed to Atlanta, Minnesota, and Dallas’ better-than-expected play and even AFC West rival Denver, who faced uncertainty at quarterback.

But the Raiders, attempting to snap a 13-year playoff drought in head coach Jack Del Rio’s second year, deserve credit for living up to considerable hype before the start of the season and for playing beyond their years by winning close games. All four of Oakland’s wins have been by a touchdown or less, with two by a single point, and all of the games were decided late in the fourth quarter.

Much of the credit belongs to Del Rio and the coaching staff for trusting Carr. The 25-year-old has taken full charge of the offense this year and ranks eighth in the NFL in passing yardage, 11th in completion percentage, tied for third with 11 touchdown passes, and has the seventh-best passer rating in the league at 102.3.

Under Carr’s leadership, the Raiders are fourth in the NFL in points scored (28.4 per game) and the running game is ninth the league (119.2 yards), as running backs Jalen Richard, Latavius Murray, and DeAndre Washington are averaging better than four yards per carry.

However, the defense is the one drawback to Oakland’s early success and that’s likely affected their Super Bowl odds. The Raiders are last in the NFL in total defense and 28th in points allowed per game (27.4), while the pass rush, led by star defensive end Khalil Mack, appears to have regressed. Mack has only 1.0 sack through five games and Oakland overall has only 7.0 sacks, tied for 27th in the league.

Given how teams like Seattle and Denver have built stellar defenses and ridden them to the Super Bowl, odds makers may have to see Mack and his unit improve before Oakland moves up the list of contenders.

Odds To Win Super Bowl LI

New England Patriots 18/5

Green Bay Packers 8/1

Pittsburgh Steelers 8/1

Seattle Seahawks 8/1

Minnesota Vikings 17/2

Denver Broncos 12/1

Atlanta Falcons 18/1

Dallas Cowboys 18/1

Arizona Cardinals 20/1

Oakland Raiders 25/1

Philadelphia Eagles 25/1

Carolina Panthers 30/1

Kansas City Chiefs 45/1

Buffalo Bills 50/1

Cincinnati Bengals 50/1

Houston Texans 50/1

New York Giants 50/1

Washington Redskins 50/1

The full list of odds can be found at VegasInsider.com.