Patriots’ Super Bowl odds plummet after spending spree

When the Patriots kicked off their unprecedented spending spree in free agency, the Westgate sportsbook kept New England’s odds at 40-1 to win the 2022 Super Bowl.

Bettors promptly pounded the Patriots, including one who wagered $5,000 to win $200,000 on them to win the Super Bowl and $5,000 to win $100,000 on them to win the AFC (20-1). The Westgate also previously took a $10,000 bet to win $400,000 on New England to claim its seventh Lombardi Trophy next season.

“The public thinks the Patriots had the greatest offseason in the history of football,” Westgate vice president of risk Ed Salmons said. “As a rule of thumb, the team that makes the most signings usually doesn’t do well.”

That said, the Westgate has dropped New England’s Super Bowl odds to 25-1. The Patriots are still available at 40-1 at William Hill.

“The Patriots are our biggest liability,” Salmons said. “We have so much liability on them now, we just need to stop the bleeding.”

New England signed 19 free agents, shelling out a record $162.5 million in guaranteed money. The list includes tight ends Jonnu Smith and Hunter Henry, receivers Nelson Agholor and Kendrick Bourne, and linebacker Matthew Judon.

Sunset Station sportsbook director Chuck Esposito considers the Patriots the NFL’s biggest offseason winner.

“Cam Newton wasn’t great last year, but they didn’t have any skill position players around him. They’ve dramatically improved that,” he said. “They were good last year defensively, and they could run the ball. This year’s team is going to be much better all around.”

Rams tough

The Los Angeles Rams saw their Super Bowl odds drop from 20-1 to 9-1 at Station Casinos after they acquired quarterback Matthew Stafford from the Detroit Lions for Jared Goff.

The Rams also added veteran wide receiver DeSean Jackson.

“A guy like Jackson can really stretch the field,” Esposito said. “They have a Super Bowl-caliber defense and really talented skill position players on offense. They just needed that quarterback.

“Sean McVay thinks Stafford is the guy that can take them to the next level.”

Watson factor

The Westgate dropped the Carolina Panthers from 80-1 to 40-1 after a respected bettor wagered $1,250 to win $100,000 on them to win the Super Bowl.

Salmons said the bet was surely made based on the expectation that Carolina will acquire Houston Texans quarterback Deshaun Watson, who has demanded a trade.

“Miami still has all the assets to make a trade for a big-name quarterback. The same with Carolina,” Salmons said. “At this stage, I would think he’s going somewhere. Whatever team he goes to, he’s going to be a huge upgrade.”

The Westgate lowered the New York Jets from 100-1 to 60-1 after taking bets on them amid speculation that they’re one of the front-runners to land Watson.

“We know he’s not going to the Bears because they went out and got Andy Dalton,” Salmons said. “We moved the Bears from 40-1 to 80-1 because they got Andy Dalton.”

North and South

Two AFC North teams going in opposite directions are the Browns and the Steelers.

Cleveland’s odds dipped from 30-1 to 20-1 after it added two former members of the Rams’ secondary in safety John Johnson III and cornerback Troy Hill.

Pittsburgh’s odds soared from 20-1 to 40-1 after it lost linebacker Bud DuPree, one of its best pass rushers, to the Tennessee Titans in free agency.

“The Steelers basically need to shed salary because they’re over the cap,” Salmons said. “This just doesn’t figure to be their year.”

The Saints saw their odds climb from 14-1 to 20-1 at Station after quarterback Drew Brees retired. But Salmons considers New Orleans the best bargain on the board.

“That’s the team that has value, and their price could keep drifting up higher and higher because no one’s betting them,” he said. “They lost Brees, and most people look at that as a big downgrade. But I don’t think it is. Their offense should be way better than it was.”

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.