At Caesars Sportsbook, Mahomes is 4-1 to win what would be his second regular-season MVP award in the past three years. Jackson, last season's MVP, is 13-2 at Caesars to win the award again this year.
Carolina Panthers running back Christian McCaffrey, at 40-1, has the shortest odds of any non-quarterback. Eleven quarterbacks have shorter odds than McCaffrey's, including Tampa Bay Buccaneers quarterback Tom Brady (16-1), Arizona Cardinals quarterback Kyler Murray (16-1), New Orleans Saints quarterback Drew Brees (20-1) and Green Bay Packers quarterback Aaron Rodgers (25-1).
The last non-quarterback to win the award was then-Minnesota Vikings running back Adrian Peterson in 2012. Overall, 16 running backs have won the Associated Press NFL MVP, compared to 42 quarterbacks. No receiver has won the award.
"This is a very, very hard award for someone who doesn't play quarterback or running back to win," said Jeff Davis, director of risk for Caesars Sportsbook. "If a receiver has a big year, it's generally given to the quarterback. Given the way the league has turned to a passing, quarterback-centric league, for a running back to win, it would take a Herculean effort."
The NFL has had a run of long-shot MVPs, with four of the past five winners having odds longer than 30-1, according to ESPN Stats & Information. Jackson won last season's award after being 40-1 in the preseason, and Mahomes was 35-1 to start the season before he won the 2018 MVP.