The 2026 Heisman market remains wide open early in the preseason, with no player exceeding single-digit implied probability as traders price in the absence of on-field results to separate candidates. Multiple quarterback prospects, including returning starters and highly regarded transfers at power-conference programs, enter with comparable recruiting pedigrees, spring practice buzz, and depth-chart security that keep probabilities tightly clustered. Depth at skill positions and defensive standouts further dilute consensus, while historical patterns show that early frontrunners often emerge only after conference play begins. The elevated share assigned to "Other" underscores how injuries, breakout performances, or scheme changes could rapidly shift the field before November.