The College Football Playoff quarterfinals are set

The first 12-team version of the College Football Playoff has reached the quarterfinals state, setting up some tantalizing matchups. Texas has also take over as the early betting favorite to win the national championship.

Did the CFP committee get it right? The first-round games were held on campuses for the first time — before the games shift to bowl games for the quarterfinals and semifinals — and all four of the higher-seeded teams won comfortably.

That led to fresh questions about the seeding process, and it's all coming amid the early signing period and players flocking to the transfer portal.

Here is what to know:

Who is playing and what time are the games?

There will be 11 games between Dec. 20 and the finale in Atlanta on Jan. 20, all broadcast nationally. The quarterfinals (times EST):

No. 8 seed Ohio State (11-2) vs. No. 1 seed Oregon (13-0)

Location: Rose Bowl, Pasadena, California, Jan. 1, 5 p.m. (ESPN)

BetMGM College Football Odds: Ohio State by 2 1/2.

What to know: The Buckeyes answered some critics with a blowout of Tennessee in the first round and now comes a rematch against the top-ranked Ducks. Oregon beat Ohio State by a single point in October in one of the season's best games.

The winner: Advances to Cotton Bowl semifinal to play Texas/Arizona State winner, Jan. 10.

No. 7 seed Notre Dame (12-1) vs. No. 2 seed Georgia (11-2)

Location: Sugar Bowl, New Orleans, Jan. 1, 8:45 p.m. (ESPN)

BetMGM College Football Odds: Georgia by 1 1/2.

What to know: All eyes are on Georgia quarterback Carson Beck, whose arm injury could keep him sidelined. Notre Dame has been rolling since its only loss of the season but could find the going tougher against the Bulldogs. The Fighting Irish defense has been stout, too.

The winner: Advances to Orange Bowl semifinal to play Boise State/Penn State winner, Jan. 9.

No. 6 seed Penn State (12-2) vs. No. 3 seed Boise State (12-1)

Location: Fiesta Bowl, Glendale, Arizona, Dec. 31, 7:30 p.m. (ESPN)

BetMGM College Football Odds: Penn State by 10 1/2.

What to know: Is this the year Penn State finally gets back in a national title game? The Nittany Lions will spend the next week-plus focusing its defense on stopping Boise State running back and Heisman Trophy runner-up Ashton Jeanty.

The winner: Advances to Orange Bowl semifinal to play Georgia/Notre Dame winner, Jan. 9.

No. 5 seed Texas (12-2) vs. No. 4 seed Arizona State (11-2)

Location: Peach Bowl, Atlanta, Jan. 1, 1 p.m. (ESPN)

BetMGM College Football Odds: Texas by 13 1/2.

What to know: The Sun Devils have been one of the best stories in college football, defying predictions to win the Big 12. They will have to deal with the Longhorns' juggernaut running game, which was too much for Clemson in the opening round.

The winner: Advances the Cotton Bowl semifinal to play Oregon/Ohio State winner, Jan. 10.

Who are the favorites?

With the quarterfinals set, Texas moved to the 3-1 favorite to win the national championship, according to BetMGM Sportsbook on Sunday.

The rest of the odds: Ohio State (15/4), Oregon (4-1), Penn State (5-1), Georgia (11-2) and Notre Dame (6-1). Arizona State and Boise State were both listed as 60-1 longshots.

How does the playoff work?

A 13-member CFP selection committee spent the past six weeks evaluating the teams and then set the bracket on Dec. 8.

The five highest-ranked conference champions were guaranteed spots in the field, no matter where they are ranked overall by the CFP; Clemson, for example, is ranked No. 16 in the CFP but was given the 12th and lowest seed as the fifth-highest ranked league champion. The top four seeds got a week off and an automatic trip to the quarterfinals.

The CFP began with four teams in January 2015. It was expanded this year for the first time. Many believe it may expand again, perhaps as early as 2026.

How much money is at stake?

A lot: About $115 million is on the line in the playoff.

Each conference gets $4 million for every team that makes the final 12, then another $4 million for those that make the quarterfinals. It means teams that earned byes are worth $8 million to their conferences without even playing a game.

Teams that advance to the semifinals mean $6 million more for their conference, then another $6 million for making the final.

The conferences all distribute the money differently. There’s also a $300,000 stipend per team that is academically eligible for the playoffs. Teams making the playoff get $3 million to cover expenses for each round, too.

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The Associated Press