After months of games and speculation, the 12 teams that will compete in this season's College Football Playoff have been narrowed down to eight and the top four seeds will enter the fray. No. 1 Oregon, No. 2 Georgia, No. 3 Boise State and No. 4 Arizona State each won their respective conference championship games and secured first-round byes and a spot in the quarterfinals, to be played Tuesday and Wednesday.

The action starts on New Year's Eve, as the No. 6 Penn State Nittany Lions challenge the Mountain West champion Boise State in the Fiesta Bowl. The Nittany Lions have opened as a double-digit favorite over Heisman Trophy runner-up Ashton Jeanty and company. At 1 p.m. on New Year's Day, the No. 5 Texas Longhorns take on Arizona State in the Peach Bowl, with the winner punching the second ticket to the semifinals. Texas won their first round matchup over ACC champ Clemson Tigers.

No. 7 Notre Dame returns off their win over Indiana in South Bend, and will head south to take on No. 2 Georgia at the Sugar Bowl. The action concludes with No. 8 Ohio State Buckeyes taking on Oregon in a rematch from a thriller between the two conference foes. Ohio State opened as a slight favorite, and that's where the line currently sits.

Here are all the odds and lines for the College Football Playoff matchups ahead of the quarterfinals. Every game will be broadcast live on ESPN.

All odds are accurate as of time stamp. All times Eastern. For the latest odds go to ESPN BET.

No. 11 Penn State at No. 3 Boise State -10.5

Tuesday, Dec 31, 7:30 p.m., ESPN

Records: Penn State 12-2; Boise State 12-1
Opening Line: Penn State -11, O/U 53.5
Money line: Penn State (-400); Boise State (+300)
Over/Under: 52.5 (O -110, U -110)

No. 5 Texas at No. 4 Arizona State +13.5

Wednesday, Jan 1, 1 p.m., ESPN

Records: Texas 12-1; Arizona State 11-2, 4-0
Opening Line: Texas -12.5, O/U 51.5
Money line: Texas (-600); Arizona State (+400)
Over/Under: 52.5 (O -105, U -115)

No. 8 Ohio State at No. 1 Oregon +1.5

Wednesday, Jan 1, 5 p.m., ESPN

Records: Ohio State 11-2; Oregon 13-0
Opening Line: Ohio State -1, O/U 53.5
Money line: Ohio State (-125); Oregon (+105)
Over/Under: 53.5 (O -125, U +105)

No. 7 Notre Dame at No. 2 Georgia -1.5

Friday, Dec 20, 8 p.m., ABC, ESPN

Records: Notre Dame 12-1; Georgia 11-2
Opening Line: Notre Dame -1.5, O/U 43.5
Money line: Notre Dame (Even); Georgia (-120)
Over/Under: 44.5 (O -105, U -125)

FPI Projection Notre Dame by 2.1 points, 56% probability to win game