Line movements for College Football Playoff semifinals: Indiana vs. Oregon and Ole Miss vs. Miami

The chase to be college football's national champion is down to its final four, and the remaining teams give the field a new look.

Gone are College Football Playoff regulars Alabama, Georgia and Ohio State. In their place, Indiana, Oregon, Ole Miss and Miami remain. The Hoosiers, Ducks and Rebels are two wins away from their first AP national titles, while the Hurricanes are looking for their first championship since 2001. 

Miami has risen to a 3.5-point favorite over Ole Miss in the Fiesta Bowl on Thursday after opening as a three-point favorite. Meanwhile, No. 1 Indiana has dropped to a 3.5-point favorite over Oregon in the Peach Bowl on Friday after opening as a 4-point favorite. 

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So what should you make of those lines and line movements? Here's a look at the point spread and line movement for the Fiesta and Peach Bowls. All times Eastern.

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Fiesta Bowl: No. 6 Ole Miss vs. No. 10 Miami (7:30 p.m. Thursday)

Open: Miami -3
Current: Miami -3.5

The first semifinal opened widely at Hurricanes -3 but could be found at -2.5 at some places. Since then, the line has moved to -3.5 with heavy juice on the Rebels side.

The one-way movement on Miami seems fair. The Hurricanes have been dominant off the edge and will be arguably the best defense Ole Miss has faced this season (including Oklahoma's). And, of course, the Rebels are dealing with the much-publicized coaching staff tug-of-war and won't have a full complement of full-time coaches.

The numbers suggest that this point spread may rise to -4 or higher, so Miami backers should probably move sooner rather than later though they should know they're not getting the best number. Ole Miss supporters can wait.

Peach Bowl: No. 1 Indiana vs. No. 5 Oregon (7:30 p.m. Friday)

Open: Indiana -4
Current: Indiana -3.5

A Hoosiers bettor may be surprised, but delighted, by this slight line adjustment. After all, Indiana already has beaten the Ducks by 10 points this season, in Oregon no less, and is coming off arguably the best performance of any team in the postseason: a 38-3 whipping of the once-great Alabama Crimson Tide in the Rose Bowl. There's no question that the Hoosiers have been the best team in college football this season.

But the early money seems to have followed old adage "It's hard to beat the same team twice." Remember: The Ducks were 6.5-point favorites in that previous game, and that matchup was tied 20-20 in the fourth quarter before Indiana scored the final 10 points.

In addition computer models that rely on roster data continue to underrate the Hoosiers, which may also explain part of this point-spread drop.

With much time left before kickoff, more money will come in, and this line figures to move again though the direction of that movement is uncertain. An Oregon bettor may want to act now, but an Indiana backer could probably wait to see if this drops to -3.