How Heisman markets settle: the voting, the finalists and the 12 December ceremony
How Heisman Trophy voting works, the 2026 dates (finalists 7 Dec, ceremony 12 Dec) and how a Heisman contract on a prediction market settles.
Short answer
A Heisman contract pays $1 if your player wins and $0 if not, once the market's settlement source confirms the winner. The 2026 winner is announced at the Heisman ceremony on Saturday 12 December 2026. Voting closes and the finalists are announced on 7 December. ProphetX, Kalshi and Polymarket US can list Heisman markets, so check the live price in each app.
Key dates for the 2026 Heisman
| Date | What happens |
|---|---|
| 3 December 2026 | Ballots go out to voters |
| 7 December 2026 | Voting deadline; finalists announced |
| 12 December 2026 | Winner announced at the Heisman ceremony |
The dates come from the Heisman Trophy Trust. The 2025 winner was Fernando Mendoza.
How Heisman voting works
- Who votes: 931 voters for the 2026 race. That is 870 media voters (145 in each of six regions), 60 living Heisman winners, and one combined fan vote.
- How a ballot works: each voter names three players. First place gets 3 points, second gets 2, third gets 1. A ballot must list all three.
- Finalists: since 2021 the Trust has invited four finalists to New York.
- The winner is the player with the most points.
This matters for traders because the market settles on the winner only. A player can lead every midseason list and still finish second.
What the markets cover
- Heisman winner: a yes/no contract on each player. See the Heisman Trophy odds board.
- Side markets, where an app lists them, such as the winner's conference or position.
Prices move every week, so we don't type them here. Check the live price in each app before you trade.
Who is in the race now
At midseason, Bleacher Report's ranking (13 October) puts Ohio State receiver Jeremiah Smith first (48 catches, 916 yards, 11 touchdowns, ESPN as of 17 Oct 2026). The quarterbacks close behind include Miami's Darian Mensah, Notre Dame's CJ Carr and Alabama's Keelon Russell. Full stats and the live table are on our Heisman odds 2026 page.
Where college football fans can trade the Heisman
- ProphetX (opens in a new tab): a sports-first, CFTC-regulated exchange.
- Kalshi (opens in a new tab): a CFTC-regulated exchange with college football season markets.
- Polymarket US (opens in a new tab): Heisman and college football markets in US dollars.
Availability depends on your state, so check each app before you sign up. The platforms' minimum age is 18; we recommend 21+. Trading involves risk; you can lose what you put in.
How a Heisman contract settles
A "Yes" contract on the winner pays $1 once the market's settlement source confirms the result, which normally follows the announcement at the 12 December ceremony. Every other "Yes" contract pays $0. You do not have to hold to the end: you can sell your contract at the live price at any time before settlement, for example after the finalists are named on 7 December. Read each market's rules for edge cases, such as a player who is ruled ineligible or a ceremony that is moved.
Sources
- Heisman Trophy Trust: key dates (checked 17 Oct 2026) (opens in a new tab)
- Heisman Trophy Trust: balloting information (checked 17 Oct 2026) (opens in a new tab)
- ESPN: 2026 player receiving stats (checked 17 Oct 2026) (opens in a new tab)
- Bleacher Report: Heisman rankings after Week 6, by David Kenyon (13 Oct 2026) (opens in a new tab)
Frequently asked questions
When is the 2026 Heisman Trophy ceremony?
Saturday 12 December 2026. Voting closes and the finalists are announced on 7 December 2026.
How many people vote for the Heisman?
931 for the 2026 race: 870 media voters, 60 former winners and one fan vote. Each ballot ranks three players, worth 3, 2 and 1 points.
When does a Heisman market pay out?
After the winner is announced at the ceremony and the market's settlement source confirms it. A "Yes" contract on the winner pays $1; the others pay $0.
21+ · T&Cs apply · Terms
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
