Undefeated Gonzaga is the clear-cut favorite to win the NCAA tournament, but sportsbooks are more concerned about another No. 1 seed: Michigan.
Gonzaga is 2-1 to win the tournament at Caesars Sportsbook by William Hill, followed by Baylor at 5-1 and Illinois and Michigan, which are each 6-1.
In early December, the Wolverines were as high as 125-1 to win the national championship at William Hill, but they won their first 11 games and quickly garnered attention from bettors.
Multiple sportsbooks pointed to Michigan as their biggest liability in their odds to win the tournament, including William Hill, which reported taking a pair of $30,000 bets on the Wolverines to win it all in February from a customer in Illinois.