The 49ers have perhaps the best roster in the NFL. That still isn’t enough to get them to the top of the early Super Bowl odds from BetMGM.

San Francisco is the favorite to make the Super Bowl out of the NFC, but they trail the Kansas City Chiefs as the favorite to win the whole thing.

Here’s what the updated odds look like with last season’s Super Bowl participants far outpacing the field. Via BetMGM:

Chiefs: +600
49ers: +650
Ravens: +1000
Lions: +1200
Bills: +1400
Bengals: +1400
Eagles: +1400

While the 49ers may have an overall better roster than Kansas City, it’s hard to fault any book that puts the Chiefs over San Francisco since the 49ers have yet to beat them in the regular season or postseason since Kyle Shanahan took over as the 49ers head coach. Kansas City also won the Super Bowl last season and improved its roster at its weakest position — wide receiver.

Alas, the 49ers will enter 2024 with a better roster again, but they’ll be trying to overcome the dreaded Super Bowl hangover while simultaneously trying to figure out how to knock off Patrick Mahomes and the Chiefs.

The key for San Francisco will be staying up near the top of these odds even as the season ebbs and flows. A substantial dip would signal some kind of catastrophe. As long as they’re winning and healthy, they’ll be among the favorites to hoist a Lombardi Trophy. They just need to get over the hump.