Multiple conferences clustered near even-money implied probabilities reflect deep preseason parity across the FBS landscape, with no clear frontrunner emerging from recent transfer portal activity, coaching adjustments, and spring practice reports. Depth in the Big Ten and SEC, alongside rising contenders in the ACC and Big 12, has kept outcomes tightly bunched as traders weigh head-to-head history, strength of schedule, and potential College Football Playoff paths. Lower-tier conferences like the Mountain West and Sun Belt retain realistic upset equity through recent bowl momentum and roster continuity, while independents and Group of 5 leagues face steeper barriers yet benefit from expanded playoff access that sustains competitive pricing.