Clemson quarterback Deshaun Watson has the best chances of catching Heisman favorite Lamar Jackson. Reuters

Though his chances having taken a minor dip, Louisville sophomore quarterback Lamar Jackson still stands as the overwhelming favorite to win the 2016 Heisman Trophy and be named the third underclassman to claim college football’s most prestigious individual award in the last five years.

After previously not listing the odds, online sportsbook Bovada.lv has Jackson as -2500 favorite in the five-candidate field that includes Clemson quarterback Deshaun Watson (+700), Michigan linebacker and safety Jabrill Peppers (+5000) and Oklahoma quarterback Baker Mayfield (+5000) and receiver Dede Westbrook (+6600).

OddsShark also posted updated odds Tuesday and peg Jackson as an even stronger favorite at -4000. Watson is next up at +1000, followed by Mayfield at +3300 and Peppers at +5000. Westbrook did not make the list.

Jackson, a highlight machine with blazing speed and a rocket arm, has been considered a Heisman lock for most of the season as Louisville reached as high as No. 3 in the Associated Press Top 25 poll. He is likely to be the first sophomore to win the award since Alabama running back Mark Ingram Jr. in 2009. Jackson may also join former Florida State quarterback Jameis Winston (2013) and Texas A&M quarterback Johnny Manziel (2012) as the most recent underclassman to hoist the trophy.

However, Watson’s chances of catching Jackson have improved and he may be the strongest of the four dark horse candidates. The Heisman does award a player for their personal success and not his team’s, but the Tigers return to the College Football Playoff under the junior Watson’s leadership could sway voters.

Watson’s stats, compared to his third-place Heisman campaign last season, have dipped somewhat this year but he still extended Clemson’s mark of six straight seasons with at least 10 wins while firing off 37 touchdown passes to 15 interceptions and his Tigers outlasted Jackson’s Cardinals back in October.

Peppers, a junior who’s currently projected as the No. 3 overall pick in the 2017 NFL Draft by CBS Sports, is a do-it-all defender who doesn’t have Heisman history on his side despite an excellent run with the Wolverines. No defensive player has won the Heisman since Michigan cornerback Charles Woodson in 1997.

While recording 66 total tackles, including 13 for a loss, and 3.0 sacks and one interception, Peppers played 15 different positions this season and did pick up some individual hardware Wednesday. He was named the Paul Hornung Award as the country’s most versatile player.

Odds To Win 2016 Heisman Trophy via Bovada

Lamar Jackson, QB, Louisville -2500

Deshaun Watson, QB, Clemson +700

Baker Mayfield, QB, Oklahoma +5000

Jabrill Peppers, LB, Michigan +5000

Dede Westbrook, WR, Oklahoma +6600