We are about a quarter of the way through the college football season, and there has been no shortage of drama. Three of the 12 teams projected to make the College Football Playoff by my model in the preseason are no longer in the field, and three teams that were on the bubble have also fallen by the wayside. All of that in just four weeks.

When I wrote a stock report after Week 2, the teams that were trending up were Miami, Tennessee and USC. As it stands, Miami is the projected No. 3 seed as the team to beat in the ACC (72 percent chance to make the Playoff, 40 percent chance to win the ACC). Tennessee is coming off a road win at Oklahoma and is slotted as the 10 seed with a 73 percent chance to make the field. And despite a road loss to Michigan, USC is hanging on to a spot in the projected bracket as the 11 seed with a 45 percent chance. Miami and Tennessee have increased their projected seed since two weeks ago (up one spot each), while USC dropped one spot.

On the other end, the three teams I wrote about who were trending down were Oregon, Notre Dame and Michigan. Oregon is still in the projected Playoff field as the No. 6 seed, and its Playoff odds have risen to 87 percent, even if its overall team rating has not increased in my rankings. Notre Dame has moved up on the bubble since two weeks ago after a crushing home defeat to Northern Illinois, but the Irish’s Playoff odds have risen only 5 percentage points to 37 percent.

As for Michigan? Yes, the Wolverines just earned a season-saving win against USC, but I’m not sold on the Wolverines yet, and neither is my model.

Stock up

Penn State

The Nittany Lions’ Playoff odds have gone up 8 percentage points over the past two weeks to 80 percent, sixth highest in the country. More importantly, their overall team strength has gone up 2.5 points (this is compared to an average FBS team). The defense has taken some bumps and bruises but still should be a top-20 unit. The major improvement has been the offense. Penn State ranks seventh in expected points added (EPA) per play on offense, 13th in offensive success rate and third in explosive play percentage, according to TruMedia. Sure, the Kent State game might be propping up these numbers a bit, but Penn State wiped the floor with West Virginia’s defense on the road and beat up on a solid Bowling Green team that just gave Texas A&M all it could handle in College Station.

The other thing that works out nicely for Penn State is its schedule. Penn State is projected to be favored in all but one game the rest of the year — and even in that one game at home against Ohio State, my model gives the Nittany Lions a 48 percent chance of winning. A road game at USC will be another tough task, but outside of that, the road trips to Wisconsin and Minnesota don’t look as daunting as they did at the start of the season.

My model has Penn State winning 10-plus games in 72 percent of simulations, which should get it into the Playoff.

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Drew Allar ranks second in the FBS in pass efficiency rating. (Matthew O’Haren / Imagn Images)

Boise State

Boise State was a couple of bounces away from taking down Oregon in Eugene, but despite the early blemish, the Broncos’ Playoff odds have increased by 13 percentage points, all the way up to 36 percent from two weeks ago. Now, I must say that the Group of 5 projection could be a little wonky, as I’m not sure how the committee will view each conference. But one thing the Broncos have going for them is that Memphis (Navy) and Texas State (Arizona State) lost in the past two weeks, and neither loss will be as good as a road loss to Oregon. A win against Washington State this week, in a game in which it’s favored by around a touchdown, would be a huge boost to Boise State’s resume.

Boise State has arguably the best running back in college football in Ashton Jeanty, who could be the first running back taken in next year’s NFL Draft. He ranks first nationally in EPA per rush and third in percentage of rushes that go 20-plus yards. Even if defenses stack the box, Jeanty can burn you. If there was a Heisman Trophy given to a non-Power 4 player, Jeanty would be the favorite. And he’s the biggest reason why Boise State has the best Playoff odds in the Group of 5.

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Stock down

Michigan

Yes, Michigan just beat USC, but it passed for only 32 yards and won through big runs and a pick six. That’s going to be a hard recipe to sustain against quality opponents. Sure, the Alex Orji move at quarterback is best for the team, but at the end of the day, the Wolverines appear to be just a more athletic/talented version of the Iowa teams of the past few years. Can they win eight or nine games? Yes. But a Playoff run? That’s unlikely.

Michigan still has Oregon at home as well as a trip to Ohio State. Don’t sleep on road trips to Washington, Illinois and Indiana, either. My model gave Michigan just a 2 percent chance to make the Playoff last week, and that number increased to just 5 percent after the USC win. Such a slight increase paints the picture of the long-term concerns.

It’s possible Orji allows the Wolverines’ run game to be more explosive than it was the first three weeks. Kalel Mullings seems to be their best running back, and they leaned on him late against USC. And running the ball efficiently while taking care of the football with a great defense has been successful in past years of the Big Ten. I’m just not sure it’s a recipe to become a Playoff team. With a loss already on the schedule and the tricky slate still ahead, I have had time seeing Michigan getting to double-digit wins.

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LSU

I expected some regression on offense after LSU lost a Heisman Trophy quarterback in Jayden Daniels along with two first-round wide receivers, but I also expected some improvement on defense. To this point, LSU just isn’t good enough on defense. It ranks 83rd in EPA per play, 74th in defensive success rate and 82nd in yards per play on first down. It’s also played a tough schedule with USC and South Carolina, and the upcoming SEC slate isn’t easy with Alabama, Ole Miss, Texas A&M and Oklahoma. The front seven was thin to begin the year and just lost star linebacker Harold Perkins Jr. to a season-ending injury.

My projections had LSU at 24 percent to make the Playoff two weeks ago, and that number has fallen to just 12 percent heading into Week 5. Narrowly escaping South Carolina and being tied with a bad UCLA team at home going into halftime isn’t going to give my model any confidence in LSU. Could the offense carry the Tigers for a few games? Yes, of course. I’m actually bullish on the offense for the rest of the season behind Garrett Nussmeier. Unfortunately, LSU hasn’t made the strides necessary on defense to become a Playoff contender.

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(Photo: Gregory Shamus / Getty Images)