Like every program, the 12 teams that reached the College Football Playoff last season have made it through the early signing period, what remains of the February national signing day, two transfer portal windows and 15 spring practices.

Unlike every other program, those 12 teams are trying to maintain their precious spots at or near the top of the sport. Now that we’ve reached the point where we can realistically assess what teams will look like in the fall, it’s a good time to analyze the offseasons of the 2024 CFP participants and determine whether their stock is up or down for 2025.

Ohio State, national champion

Staying: WR Jeremiah Smith, WR Carnell Tate, OL Carson Hinzman, LB Sonny Styles, S Caleb Downs

Coming: RB CJ Donaldson (West Virginia), TE Max Klare (Purdue), DL Beau Atkinson (North Carolina) and the No. 4 recruiting class in the country

Going: QB Will Howard, RB TreVeyon Henderson, RB Quinshon Judkins, WR Emeka Egbuka, OL Donovan Jackson, OL Josh Simmons, DL Jack Sawyer, DL JT Tuimoloau, LB Cody Simon, CB Denzel Burke

Verdict: Down

Make no mistake: The Buckeyes are likely a Playoff team in 2025, but for this exercise, they are a victim of their success. Ohio State lost 14 players to the NFL Draft and must replace both coordinators — offensive coordinator Chip Kelly (Las Vegas Raiders) and defensive coordinator Jim Knowles (Penn State). One of the replacements, DC Matt Patricia, was a curious hire.

The Buckeyes are also breaking in a first-time starting quarterback, either Julian Sayin or Lincoln Kienholz. They do, however, return arguably the two best players in the sport in Smith and Downs.

The Buckeyes will still be very good and will feature one of the best rosters in the country, but it’s almost impossible not to expect a step back after losing so many players and coaches.

Notre Dame, national runner-up

Staying: RB Jeremiyah Love, RB Jadarian Price, WR Jaden Greathouse, OL Charles Jagusah, OL Anthonie Knapp, LB Jaiden Ausberry, LB Drayk Bowen, S Adon Shuler, CB Christian Gray

Coming: WR Malachi Fields (Virginia), WR Will Pauling (Wisconsin), S Jalen Stroman (Virginia Tech) and the No. 12 recruiting class

Going: QB Riley Leonard, WR Beaux Collins, TE Mitchell Evans, OL Pat Coogan (Indiana), OL Sam Pendleton (Tennessee), OL Rocco Spindler (Nebraska), DL Rylie Mills, LB Jack Kiser, S Xavier Watts, CB Benjamin Morrison

Verdict: Down

Much like Ohio State, Notre Dame figures to take a small step back but could still reach the Playoff.

The offensive line should be elite and will be the heartbeat of the team, even though it lost some depth through the portal. The line will pave the way for the great backfield tandem of Love, who might be the best running back in the country, and Price.

Notre Dame has to replace Leonard with an inexperienced quarterback, likely CJ Carr, so that is a question mark. We’ll see if the receivers added in the portal can give the passing game a boost.

The defense lost serious talent and experience in the back end with the departures of Kiser, Watts and Morrison. The unit will also have a new coordinator, as Chris Ash replaced Al Golden (Cincinnati Bengals).

The Irish will be fine. But the schedule is a little tougher, and that, combined with some new faces at key spots, may lead to a slight regression.

Penn State, semifinals

Staying: QB Drew Allar, RB Kaytron Allen, RB Nicholas Singleton, OL Nick Dawkins, OL Olaivavega Ioane, DL Dani Dennis-Sutton, DL Zane Durant, LB Tony Rojas, S Zakee Wheatley

Coming: WR Kyron Hudson (USC), WR Trebor Pena (Syracuse), WR Devonte Ross (Troy), LB Amare Campbell (North Carolina) and the No. 15 recruiting class

Going: TE Tyler Warren, LB Abdul Carter

Verdict: Up

It does feel like the loss of Carter and Warren, impactful players who were first-round picks, is being understated, but Penn State returns a bunch of talent from a team that nearly made the national championship game. Retaining Allar, Allen and Singleton was significant.

Tom Allen was a good defensive coordinator for the Nittany Lions, but they upgraded with the addition of Knowles, who inherits a strong group.

For all that Penn State brings back, its ceiling will ultimately be determined by the receiver additions — Pena, Ross and Hudson. Penn State’s receivers weren’t difference-makers in the passing game last season, and that was a huge factor in the Orange Bowl, when no wideout caught a pass in the loss to Notre Dame. Can one of those three emerge as a dependable option in Penn State’s toughest games?

Drew Allar’s return was a big boost for Penn State. (Christian Petersen / Getty Images)

Texas, semifinals

Staying: QB Arch Manning, RB CJ Baxter, RB Tre Wisner, WR DeAndre Moore Jr., WR Ryan Wingo, DL Trey Moore, DL Colin Simmons, LB Anthony Hill Jr., LB Liona Lefau, DB Michael Taaffe

Coming: WR Emmett Mosley (Stanford), TE Jack Endries (Cal), DL Maraad Watson (Syracuse), K Mason Shipley and the No. 1 recruiting class

Going: QB Quinn Ewers, RB Jaydon Blue, WR Matthew Golden, TE Gunnar Helm, OL Kelvin Banks, DL Alfred Collins, S Andrew Mukuba, CB Jahdae Barron

Verdict: Up

Yes, Texas had 11 players drafted, but Steve Sarkisian’s rebuild probably hasn’t received enough credit. The Longhorns have had 23 players drafted over the past two years. They had 22 players drafted in the previous eight years combined.

Texas’ roster is elite, and the Horns are winning at a high clip again — a Big 12 title in 2023, an SEC Championship Game appearance in 2024 and back-to-back trips to the CFP semis.

There are questions, though. Young receivers have to take steps forward, and the offensive line will undergo a makeover after losing four starters. It’s assumed Manning will be one of the best quarterbacks in college football, but he still has to prove that on the field as a first-time starter.

Still, this is probably the best collection of talent in the SEC. Impact players return on defense (Hill, Simmons and Moore), and the coaching staff has continuity. There aren’t a ton of reasons to doubt the Longhorns.

Arizona State, quarterfinals

Staying: QB Sam Leavitt, WR Jordyn Tyson, DL Clayton Smith, LB Keyshaun Elliot, S Xavion Alford, S Myles Rowser

Coming: RB Kanye Udoh (Army), WR Jalen Moss (Fresno State), K Jesus Gomez (Eastern Michigan)

Going: RB Cam Skattebo, LB Caleb McCullough, DB Shamari Simmons

Verdict: Up

It’ll be tough to repeat as champions in a wide-open Big 12, but Arizona State has retained enough from last year’s team and filled its holes sufficiently to have a real shot in coach Kenny Dillingham’s third season.

Skattebo was the unquestioned heart and soul of the team and is a major loss. Udoh, a 1,000-yard rusher at Army in 2024, will be called on to fill that void. Kyson Brown will have a role there as well.

Leavitt displayed real progress during the second half of the season and seems capable of shouldering more of the load. Having Tyson will help, but other receivers will need to step up.

The defense, which was top 40 nationally in scoring (37th) and yards per play allowed (40th), is experienced and well-coached by DC Brian Ward.

Special teams are often overlooked, but the Sun Devils had unreliable field goal kickers last season, which makes the addition of Gomez, who hit 20 of 25 attempts in 2024, significant.

Boise State, quarterfinals

Staying: QB Maddux Madsen, WR Latrell Caples, OL Kage Casey, DL Braxton Fely, DL Jayden Virgin, LB Marco Notarainni, S Ty Benefield, S Zion Washington

Coming: RB Malik Sherrod (Fresno State), S Derek Ganter Jr. (Eastern Washington), CB Jaden Mickey (Cal)

Going: RB Ashton Jeanty, OL Ben Dooley, DL Ahmed Hassanein, LB Andrew Simpson (North Carolina)

Verdict: Down

Jeanty was one of the best players in college football and one of the best running backs in the sport’s recent history. He was the driving force behind everything the Broncos did, and it’s difficult to believe Boise State will be better offensively without him. Sherrod is likely to take over at running back.

Madsen will be asked to do more, but he’s losing his top two pass catchers. Offensive coordinator Dirk Koetter retired after the season and was replaced by tight ends coach Nate Potter.

The good news is that four of the five offensive linemen who started in the Fiesta Bowl will be back.

Boise State returns Virgin and Fely along the defensive front, so it should remain solid there. Pass defense is where the Broncos have to improve after they allowed 49 passes of 20-plus yards in 2024. Mickey and Ganter could be two key additions to the secondary.

It’s difficult for Group of 5 schools to maintain their rosters, but Boise State weathered the attrition storm pretty well. Simpson was one of the few notable transfers. But without Jeanty, it’s hard to see the Broncos hitting the same heights.

Georgia, quarterfinals

Staying: QB Gunner Stockton, RB Nate Frazier, WR Dillon Bell, LB CJ Allen, LB Raylen Wilson, DB KJ Bolden

Coming: RB Josh McCray (Illinois), WR Zachariah Branch (USC), WR Noah Thomas (Texas A&M), LB Elo Modozie (Army) and the No. 2 recruiting class

Going: RB Trevor Etienne, WR Dominic Lovett, WR Arian Smith, OL Tate Ratledge, DL Mykel Williams, LB Jalon Walker, S Malaki Starks

Verdict: Down

The Bulldogs lost 13 players to the draft and have real questions, starting at quarterback with Stockton, who displayed encouraging signs but has started only one game.

The offensive line lost three starters to the NFL. The program added potential playmakers at receiver but still lacks a true, proven No. 1 threat. The running game must improve after finishing 84th nationally in yards per carry (4.06 yards), a significant drop-off from top-15 finishes in the previous three seasons.

Coach Kirby Smart has built a juggernaut, so Georgia won’t lack for talent. Allen is a stud at linebacker, but it’s challenging to replace three first-round talents such as Williams, Walker and Starks on defense even if blue-chip prospects are waiting in the wings.

The Bulldogs will still occupy space near the top of the sport, but they’re not an obvious national title favorite like in recent years.

Quarterback Gunner Stockton made his first career start in the Sugar Bowl loss to Notre Dame. (Todd Kirkland / Getty Images)

Oregon, quarterfinals

Staying: RB Noah Whittington, WR Traeshon Holden, WR Evan Stewart, DL Matayo Uiagalelei, LB Bryce Boettcher, CB Jahlil Florence

Coming: RB Makhi Hughes (Tulane), OL Alex Harkey (Texas State), OL Emmanuel Pregnon (USC), OL Isaiah World (Nevada), DL Bear Alexander (USC), S Dillon Thieneman (Purdue) and the No. 5 recruiting class

Going: QB Dillon Gabriel, RB Jordan James, WR Tez Johnson, TE Terrance Ferguson, OL Josh Conerly, DL Jordan Burch, DL Jamaree Caldwell, DL Derrick Harmon

Verdict: Down

Coach Dan Lanning has built Oregon to the point where it’ll have a top-five (or top-10 at worst) roster every season. The Ducks just had 10 players drafted.

One thing Oregon lacks this year, though, is certainty at quarterback. Either Dante Moore or Austin Novosad will win the starting job, but both are relatively inexperienced (though Moore started five games at UCLA in 2023).

The Ducks brought in three solid offensive line transfers, but it’s a position group that requires chemistry and might need time to jell. The skill positions should be strong with Hughes at running back and an experienced receiver group that will add five-star freshman Dakorien Moore.

The Ducks have recruited well along the defensive line and still have Uiagalelei, but they lost three high-end talents to the NFL. Alexander has potential but hasn’t put it together yet in college.

Thieneman was a great transfer pickup and will bolster a secondary that lost quite a bit.

It’ll be a surprise if Oregon doesn’t contend for a Playoff spot, but whether the Ducks match the highs of last year is another question.

Clemson, first round

Staying: QB Cade Klubnik, WR T.J. Moore, WR Bryant Wesco Jr., WR Antonio Williams, DL T.J. Parker, DL Peter Woods, LB Sammy Brown, LB Wade Woodaz, CB Avieon Terrell

Coming: DL Will Heldt (Purdue) and the No. 26 recruiting class

Going: LB Barrett Carter, RB Phil Mafah

Verdict: Up

This should be coach Dabo Swinney’s best team since Trevor Lawrence’s final season in 2020. Two areas stand out. One is the passing game led by Klubnik, who is entering his third season as the starter, and a deep, talented receiver group. The other is the defensive line, where Parker and Woods have first-round potential and the addition of Heldt gives the Tigers another playmaker.

With Parker and Woods on the line, Brown at linebacker and Terrell at corner, Clemson has high-upside talent at every level of the defense.

Clemson didn’t play up to that talent level last season, ranking 51st nationally in scoring defense (23.4 ppg) and 64th in yards per play allowed (5.55). Swinney fired defensive coordinator Wes Goodwin and replaced him with Allen from Penn State.

This team has the ingredients for a deep Playoff run.

Indiana, first round

Staying: WR Omar Cooper Jr., WR Elijah Sarratt, OL Carter Smith, DL Mikail Kamara, LB Aiden Fisher, CB D’Angelo Ponds

Coming: QB Fernando Mendoza (Cal), RB Lee Beebe Jr. (UAB), RB Roman Hemby (Maryland), WR Makai Jackson (Appalachian State), OL Pat Coogan (Notre Dame), DL Hosea Wheeler (Western Kentucky), DL Kellan Wyatt (Maryland), S Devan Boykin (NC State), CB Amariyun Knighten (Northern Illinois)

Going: QB Kurtis Rourke, DL CJ West, CB Jamier Johnson (UCLA)

Verdict: Down

Indiana made some strong portal additions, headlined by Mendoza, who possesses more talent than Rourke and could be an upgrade at quarterback. He’ll have solid targets to throw to as well.

Both sides of the line of scrimmage were obvious areas of emphasis. Coogan and Wheeler are offensive line additions who produced at their previous stops.

Kamara (15 tackles for loss, 10 sacks), Fisher and Ponds give Indiana first-team All-Big Ten players at the front, middle and back end of the defense.

This year’s schedule is more difficult, with games versus Illinois at home and at Iowa, Oregon and Penn State. So while there are reasons to feel good about the state of Indiana’s roster, has this program reached the point where it can navigate those games and still make the Playoff?

SMU, first round

Staying: QB Kevin Jennings, WR Jordan Hudson, TE RJ Maryland, OL Logan Parr, OL PJ Williams, DL Isaiah Smith, S Ahmaad Moses, S Isaiah Nwokobia

Coming: QB Tyler Van Dyke (Wisconsin), RB T.J. Harden (UCLA), WR Yamir Knight (James Madison), DL Jeffrey M’Ba (Purdue), DL Aakil Washington (South Alabama),

Going: RB LJ Johnson (Cal), RB Brashard Smith, WR Roderick Daniels Jr., WR Keyshawn Smith, DL Elijah Roberts, DL Jared Harrison-Hunte, DL Jahfari Harvey, LB Kobe Wilson

Verdict: Down

SMU has to replace its top two receivers, top two running backs and some significant contributors from the front seven.

Jennings is the clear starter at quarterback, so it’s a plus to have that settled. Van Dyke should be a fine insurance policy. Who will step up and produce around the quarterback is the question. The offensive line does return a good amount of experience.

Safety should be a strength on defense, but the front lost its top three producers in tackles for loss and sacks. The Mustangs targeted the position in the portal, so we’ll see what sort of impact those additions make.

SMU also had a pretty advantageous schedule last season but has to play both Clemson and Miami in 2025. There are also games against Louisville and Syracuse and nonconference matchups with Baylor and TCU that won’t be easy. That combination of roster questions and a more difficult schedule could create some challenges in the Mustangs’ quest to return to the CFP.

Tennessee, first round

Staying: WR Chris Brazzell II, DL Bryson Eason, DL Joshua Josephs, LB Arion Carter, LB Jeremiah Telander, CB Jermod McCoy

Coming: QB Joey Aguilar (UCLA), OL Sam Pendleton (Notre Dame), OL Wendell Moe Jr. (Arizona) and the No. 11 recruiting class

Going: QB Nico Iamaleava (UCLA), RB Dylan Sampson, WR Bru McCoy, WR Dont’e Thornton, DL Omarr Norman-Lott, DL James Pearce Jr.

Verdict: Down

The Iamaleava drama grabbed all the headlines this spring, but the biggest loss is Sampson, the star running back and reigning SEC offensive player of the year, who is off to the NFL.

Coach Josh Heupel is known for his explosive offenses, but the unit struggled in SEC play and in the Playoff loss to Ohio State. Now the Volunteers have to replace their starting QB, leading rusher, top three wideouts and four starters on the offensive line.

Aguilar is a solid addition at quarterback given the circumstances, but we’ll see if he can beat out Jake Merklinger and George MacIntyre for the starting job.

The defense carried the team last year and returns six of its top eight tacklers. Pearce and Norman-Lott are significant contributors who must be replaced up front.

It might be asking too much for the Vols to lean on the defense like they did last year, and that will put pressure on the offense to improve significantly.

(Top photo of Christian Gray and Jeremiah Smith: Todd Kirkland / Getty Images)