Week 5 of the 2026 college football season is in the books, and while there are still plenty of games to be played to sort out which teams will ultimately compete in the College Football Playoff, the Heisman Trophy race seems to be a one-man show. Ohio State wide receiver Jeremiah Smith, who entered Week 5 as the top contender at prediction markets after a 217-yard effort against Illinois, dominated Iowa to the tune of 206 yards and two touchdowns in a 31-14 Ohio State victory. Smith finished last season with 1,243 yards and 12 touchdowns. He has 823 yards and nine scores through five games already in 2026.

Can anyone catch Smith on the field or in the 2026 Heisman Trophy race? We'll look at the latest prediction markets for the honor. Get a $55 sign-up bonus with the latest Kalshi promo code CBSSPORTS55 when you trade $25+:

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2026 Heisman Trophy winner markets (via Kalshi)

Any time you follow up a historic performance with another stunner in a victory, you're likely to garner more buzz. That's the case for Smith, who has now pulled away from the pack after five weeks. He was priced at $0.25 per share on Kalshi prior to Ohio State's game against Iowa. As long as the Buckeyes don't suffer a major upset and Smith can stay on the field, he's going to have some truly eye-popping numbers at the end of the season.

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There will be an opening for Mensah, Russell, Carr and Stockton if Smith's Buckeyes falter. Miami doesn't have a true test on the schedule until a Nov. 7 date with Notre Dame, where Mensah and Carr will have their opportunity. If the Hurricanes finish the season undefeated, Mensah might have enough of a narrative to match Smith. After all, the Hurricanes did beat the Buckeyes last year in the CFP and are trying to get back to the national title game.

Russell's Crimson Tide and Stockton's Bulldogs face off in Week 6, so we'll see one quarterback rise in the market after that contest. Hoover is one to watch as a sneaky contender with Indiana quietly sitting at 5-0. The Hoosiers will get Ohio State on Oct. 17, and that could be Hoover's chance to make a big statement.

Florida running back Jadan Baugh is now priced at $0.02 per share after entering Week 5 at $0.08 per share. The Gators went to Missouri and got walloped 45-17, with Baugh only registering 13 rushing yards on 12 carries. The Gators have plenty of marquee matchups for Baugh to bounce back, but it's going to be tough for him to compete with Smith as a non-quarterback contender.

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