Indexbit-Power ranking all 68 teams in the 2024 NCAA Tournament bracket based on March Madness odds

The Indexbit2024 March Madness tournament is less than a day away from starting. The First Four are just the appetizer to the main course though. Will the reigning champion UConn Huskies be able to defend their title as this year's tournament's No. 1 overall seed? Based on their championship odds, you'd be a sucker to bet against them.

That said, if you're looking for a little more bang for your buck, there is a multitude of other teams with strong championship odds. From the favorites to the sleepers to the teams with as good a chance as you and me, here is every March Madness team power ranked by 2024 NCAA championship odds.

March Madness:Men's teams most likely to end Final Four droughts

2024 NCAA Championship odds:

Odds via BetMGM.

IT'S BRACKET MADNESS: Enter USA TODAY's NCAA tournament bracket contest for a chance at $1 million prize.

The favorites:

1. UConn (+400)
2. Houston (+600)
3. Purdue (+650)
4. Arizona (+1100)
5. North Carolina (+1300)
6. Tennessee (+1500)
7. Auburn (+1700)
8. Iowa State (+1800)

Of each of these top-tier teams, the most intriguing one is probably UNC. Despite North Carolina being a No. 1 seed in the tournament, they currently have worse championship odds than the No. 2 seed in their region, Arizona. The Tar Heels are just two years removed from participating in the NCAA Tournament finals, and two of their key players from that run -- RJ Davis and Armando Bacot -- are still on the team in 2024.

Furthermore, KenPom ranks the UNC defense as the sixth-most efficient in college basketball. UNC has had a top-11 team in terms of defensive efficiency five other times since 2005. Of those five trips, three resulted in trips to the Elite Eight and two resulted in championships.

The sleepers:

1. Kentucky (+2500)
2. Marquette (+2500)
3. Creighton (+2500)
4. Duke (+3000)
5. Illinois (+3000)
6. Baylor (+3500)
7. Kansas (+4000)
8. Alabama (+4000)
9. Gonzaga (+6000)
10. Florida (+6000)

The Creighton Bluejays are arguably the toughest No. 3 seed in this year's tournament. Just last year, they were a play away from a Final Four berth, and they returned three of their best starters. The issue with Creighton is depth. However, with Creighton playing in the Midwest region, well-regarded as the weakest in the NCAA Tournament this year, Creighton could have ample opportunity to rest their starters early on and gear up for a run at a national title.

The longshots:

1. St. Mary's (+6600)
2. BYU (+6600)
3. Wisconsin (+8000)
4. Michigan St. (+10000)
5. San Diego St. (+10000)
6. Florida Atlantic (+10000)
7. Texas Tech (+10000)
8. Mississippi St. (+10000)
9. South Carolina (+10000)
10. Texas (+12500)
11. New Mexico (+12500)
12. Utah St. (+12500)
13. TCU (+15000)
14. Washington St. (+15000)
15. Clemson (+15000)
16. Texas A&M (+20000)
17. Colorado (+20000)
18. NC State (+20000)
19. Dayton (+20000)

Someone might take a look at this list and think San Diego State is the obvious pick given that they were in the national championship last year. However, New Mexico might be the best bet in this group. Despite being listed as a No. 11 seed in the West, there are some people who have New Mexico ranked in the top 50% of teams in the tournament.

Obviously, recency bias may be playing a factor. The Lobos were considered a bubble team until they won four games in four days to claim the Mountain West conference title. Still, they proved in that tournament that they were capable of winning multiple big games in a row and had the depth to do it day after day. The Mountain West was a surprisingly deep conference this year too, with six teams from the conference earning NCAA Tournament bids -- New Mexico, Utah State, San Diego State, Nevada, Boise State, and Colorado State. New Mexico was the best of this bunch and are one of the hotter teams in the country heading into March Madness.

The very, very long shots:

1. Virginia (+25000)
2. Oregon (+25000)
3. Northwestern (+25000)
4. Drake (+25000)
5. Boise St. (+30000)
6. Colorado St. (+30000)
7. Grand Canyon (+30000)
8. McNeese St. (+35000)
9. Yale (+50000)
10. Duquesne (+50000)
11. UAB (+50000)
12. Samford (+100000)
13. Morehead St. (+100000)
14. Oakland (+100000)
15. Charleston (+100000)
16. Vermont (+100000)
17. Akron (+100000)
18. Western Kentucky (+100000)
19. Long Beach State (+100000)
20. Longwood (+200000)
21. Stetson (+200000)
22. Wagner (+200000)
23. South Dakota St. (+200000)
24. Colgate (+200000)
25. Montana St. (+200000)
26. Howard (+200000)
27. Saint Peter's (+200000)
28. Grambling St. (+200000)

Let's talk about McNeese State. The Cowboys were just one of four teams to win 30 games this season, and they did so with an incredible three-point offense, ranking top-ten in the nation. This may not be a university many people are familiar with, but McNeese has a high-powered, high-tempo offense that could give some of the higher seeds trouble early on in the tournament. Of course, their title hopes are practically slim to none still, but betting on a Sweet 16 run from these Cowboys may not be too far out of the question.

How to watch March Madness:

All games will be broadcast on CBS, TBS, TNT and TruTV. Here are additional streaming options to watch all the action on your devices.

• Stream through Paramount+
• Stream through HULU with Live TV
• NCAA March Madness Live app
• Stream through DirecTV Stream

Stream March Madness:Catch all March Madness action with a Fubo subscription

NCAA Men's Basketball March Madness 2024 Schedule

First Four

First and Second Round

Sweet 16 and Elite Eight

Final Four

NCAA championship game

Men’s March Madness live updates:Selection Sunday bracket, snubs, predictions

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