A new era of college football is set to begin in 2024. 

For the first time ever, the College Football Playoff (CFP) will use a 12-team playoff format. 

The format includes the five highest-ranked conference champions and the next seven highest-ranked teams, which receive automatic bids and at-large spots, respectively.

On Thursday's edition of "The Herd," Colin Cowherd revealed his projected CFP rankings. Let's dive into it.

1. Oregon 

National Championship odds: +800 (bet $10 to win $90 total)
Odds to make the College Football Playoff: -300 (bet $10 to win $13.33 total)

"Oregon will be the best Big Ten team," Cowherd said. 

2. Georgia 

National Championship odds: +300 (bet $10 to win $40 total)
Odds to make the College Football Playoff: -550 (bet $10 to win $11.82 total)

3. Ohio State 

National Championship odds: +400 (bet $10 to win $50 total)
Odds to make the College Football Playoff: -650 (bet $10 to win $11.54 total)

4. Texas 

National Championship odds: +800 (bet $10 to win $90 total)
Odds to make the College Football Playoff: -235 (bet $10 to win $14.26 total)

5. Alabama 

National Championship odds: +1400 (bet $10 to win $150 total)
Odds to make the College Football Playoff: +100 (bet $10 to win $20 total)

Cowherd believes that five teams are far above the rest of the field this season: "I believe that Oregon, Georgia, Ohio State, Texas and Alabama will feel better than anyone in college football." 

6. Florida State 

National Championship odds: +2500 (bet $10 to win $260 total)
Odds to make the College Football Playoff: +140 (bet $10 to win $24 total)

"Florida State will win a very weak conference. They have an excellent coaching staff and good recruiting momentum. They'll get in." 

7. Penn State 

National Championship odds: +2200 (bet $10 to win $230 total)
Odds to make the College Football Playoff: -140 (bet $10 to win $17.14 total)

"Penn State has a really soft schedule early, a really soft schedule late and their offense has some eye candy. I think they get in." 

8. LSU

National Championship odds: +1800 (bet $10 to win $190 total)
Odds to make the College Football Playoff: +120 (bet $10 to win $22.00 total)

"LSU is interesting. I am betting on the coach, Brian Kelly. They lost Jayden Daniels, and they have sort of struggled defensively. I think they get the defense right and get in." 

9. Notre Dame

National Championship odds: +2500 (bet $10 to win $260 total)
Odds to make the College Football Playoff: -165 (bet $10 to win $16.06 total)

"Notre Dame, I do not think is a great team. But with Notre Dame's schedule, especially if they beat USC in their final game, I have a hard time believing Notre Dame will be left out. It's a money grab. I know you don't want to believe it, but that's college football." 

10. Ole Miss

National Championship odds: +1500 (bet $10 to win $160 total)
Odds to make the College Football Playoff: -130 (bet $10 to win $17.69 total)

"Ole Miss with Lane Kiffin, a lot of eye candy, and an NFL quarterback and 40 points per game, they are getting in." 

11. Utah

National Championship odds: +6000 (bet $10 to win $610 total)
Odds to make the College Football Playoff: +220 (bet $10 to win $32 total)

"Utah wins the Big 12. Like Florida State, I think they will win a weaker conference. I think they edge out Kansas State and represent the Big 12." 

12. Liberty

National Championship odds: +50000 (bet $10 to win $5,010 total)
Odds to make the College Football Playoff: +400 (bet $10 to win $50 total)

"I put in Liberty from Conference USA. The rules state you have to take the ‘Group of 5’ Conference champion. It would be either Boise State or Liberty." 

Even with the expansion, there are going to be some very tough decisions that the committee will eventually have to make. Cowherd talks about a team he thinks will get left out. 

"I wouldn't be shocked if Tennessee replaced LSU, but there is going to be a very good SEC team that is left out in favor of Utah and Liberty," Cowherd said. 

Follow along with FOX Sports for the latest news on college football and other sports.

Want great stories delivered right to your inbox? Create or log in to your FOX Sports account, and follow leagues, teams and players to receive a personalized newsletter daily!