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The latest Heisman Trophy odds suggest it is a three-man race with less than a month to go in the college football regular season. Not surprisingly, the three top candidates are all quarterbacks. 

The top three Heisman Trophy favorites at Caesars Sportsbook entering Week 12 are Ohio State QB Julian Sayin (+170), Indiana QB Fernando Mendoza (+190) and Alabama QB Ty Simpson (+350). Texas A&M QB Marcel Reed is the only other player near the top three at +800. After Reed, it's Ohio State WR Jeremiah Smith and Vanderbilt QB Diego Pavia both at a distant +2500. 

Here is a look at how to approach the Heisman Trophy favorites and players to bet before the Week 12 results.

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Heisman Trophy Odds ahead of Week 12 (odds via Caesars)

Favorites

Julian Sayin, Ohio State QB (+170)

Sayin is the favorite heading into the final three weeks of the regular season. The Ohio State quarterback is on fire, throwing 1.012 yards, nine touchdowns and just one interception over his last three games. 

I have to admit, I'm a little surprised to see Sayin as the favorite. While he certainly has been impressive this season, Sayin's toughest game was back in August against Texas. The Buckeyes didn't face Oregon or Indiana and Penn State was a disaster by the time the Nittany Lions played the Buckeyes. 

The one thing Sayin has going for him is the season finale against Michigan when most Heisman voters will be watching. He likely wins or loses the award on that day. 

Fernando Mendoza, Indiana QB (+190)

Mendoza's Heisman campaign was about to come to an end against Penn State until he threw the game-winning touchdown in the final seconds. While the throw was impressive, the amazing catch by receiver Omar Cooper Jr. might have won Mendoza the award. 

The issue for Mendoza moving forward is he doesn't have another high-profile game to woo voters. The Hoosiers close against lowly Wisconsin and Purdue. Sayin gets Michigan and Simpson still faces Oklahoma and Auburn. 

My guess is Mendoza comes up just short and finishes in second or third place. He needed one more marquee game to get over the hump. 

Ty Simpson, Alabama QB (+350)

I would actually make Simpson the favorite right now. He is the player who gets my vote. The junior has thrown 21 touchdown passes and just one interception against a schedule that was miles tougher than the one Sayin or Mendoza faced. Simpson has been an elite quarterback this season facing Georgia, Vanderbilt, Missouri, Tennessee and LSU. 

What would Simpson's numbers look like if he faced Sayin or Mendoza's schedule? As I mentioned above, Alabama still plays Oklahoma and Auburn. If Simpson plays well in those two games and the Crimson Tide finish 11-1 against one of the toughest schedules in the country, I think he should win the award. 

It probably comes down to how Sayin plays against Michigan but there is still some value betting Simpson at +350 heading into his game against Oklahoma Saturday.

Player to avoid 

Diego Pavia, Vanderbilt QB (+2500)

At this point in the season, the players to avoid are pretty much everyone but the three favorites. The only other player with a legitimate shot is Reed. It was a nice run for Pavia but Vanderbilt had to upset either Alabama or Texas for him to have a realistic chance.

Pavia was a great story and I was rooting for him to win the award. However, he's out of the running and +2500 is way too low for him. Pavia should be closer to +6000 with only two games left against Kentucky and Tennessee.

Bet to make now

Gunner Stockton, Georgia QB (+3000)

The only player I would take a shot on right now outside of the favorites is Stockton. His numbers don't jump off the page like the three favorites, but Stockton still has two big games left to make a late run. 

November is when Heisman voters really start paying attention, so late-season schedules matter. Georgia faces Texas on Saturday and Georgia Tech in the season finale. I don't think Stockton will overtake the favorites but if he closes strong and the Bulldogs finish 11-1, he will be in the conversation.