It's finally March. The anticipated NCAA tournament is just around the corner, ready to bring its usual mixture of excitement and surprises.

Even without waiting for the brackets, you can now place your bets on a national champion. These betting markets have been active since the end of last year's tournament. Today, we will explore the top contenders for this year's title.

Underdogs and dark horses

Odds: Villanova Wildcats +20000, New Mexico Lobos +12000, Washington State Cougars +10000, Gonzaga Bulldogs +8000, Michigan State Spartans +5500, and Baylor Bears +4500

While most teams still have to prove their worth in the competition, Baylor and Washington State appear to be exceptions. A potential surprise might be Villanova, especially if they maintain their good three-point shooting.

New Mexico boasts a skilled team that can triumph over opponents with a good performance. Washington State, having bested Arizona twice, deserves a higher ranking. Their absence from the NCAA tournament since 2008 makes their low position all the more startling.

Gonzaga is improving just as it sets its sights on the national championship once again. Don't underestimate Michigan Stateā€”if it fixes its problem at the center, it could shock us all.

With a national title from three years ago and two possible top draft picks, Baylor has a solid team. Despite their good performance this season, they're surprising underdogs with odds at +4500, which might make them a compelling pick for bettors.

Unconventional contenders outside main categories

Odds: Illinois Fighting Illini +3500 (15th-best odds), Creighton Bluejays +3000 (14th-best odds), Marquette Golden Eagles +2000 (tied for ninth-best odds), Iowa State Cyclones +2000 (tied for ninth-best odds), and Arizona Wildcats +1400 (fifth-best odds)

Illinois got a high rating, but they're missing a key win. Their top players have potential, but there's no solid proof yet.

Creighton's performance is closely tied to its success with three-point shots, echoing last year's team. When they nail the threes, they excel but stumble without them, raising doubts about whether it can keep a six-game winning streak.

Marquette has attractive betting odds. They're an excellent team with many wins, yet their odds remain promising. While they struggle with rebounding, they make up for this with a powerful offense and ample turnovers.

Iowa State's game plan centers on causing turnovers. However, against teams that excel in shooting and retaining ball possession, this might not suffice.

Arizona kicked off well but fell short in some games in a less competitive league. They've shown excellent skills, particularly in making points and retrieving the ball. Like past Gonzaga teams, they might be undervalued due to the perceived status of their league.

4 true blue bloods in the tournament

Odds: Duke Blue Devils +2800 (tied for 12th-best odds), Kansas Jayhawks +2800 (tied for 12th-best odds), Kentucky Wildcats +2200 (10th-best odds), and North Carolina Tar Heels +1800 (tied for sixth-best odds)

These popular teams, who usually get a lot of betting attention, aren't among the top five favorites for the championship this time. Oddly enough, Duke offers bettors unexpected value.

Kentucky's odds are at +2200, which is enticing but uncertain due to their inconsistency, especially on defense. The worry is they might not perform well in a crucial match or deal with injuries, as they frequently played without their complete team this year. Despite some concerns, Kentucky has proven they're a strong team. Their victory over Auburn shows their power on the court.

Kansas and North Carolina have good betting odds. Kansas might face challenges because of Kevin McCullar Jr.'s knee problem. But if he participates, their strong team could do well.

North Carolina relies on Bacot, Ingram, and Davis. If they play their best, they could reach the tournament's later stages.