Offseason BCS Championship odds typically don't mean a lot. A handful of teams are given legitimate odds while everyone else is pegged at something in the hundreds-1. That is assuming you are good enough to get odds. The Cougars have been so bad recently they haven't even cracked the offseason odds, but that changed this year with WSU back in the running at 300-1.
On the downside, those are really terrible odds. On the positive side, they are better than three other teams in the Pac-12. Ted Miller of the ESPN Pac-12 blog has the breakdown:
Odds to win 2014-2015 BCS National Championship (from 5 Dimes, unless otherwise noted)
Arizona State 75-1
California 500-1 (Bovada)
Oregon State 300-1
Washington State 300-1
The Cougars have long been part of the N/A club, but not anymore. Now, you might be thinking "at 300-1, the odds might as well be N/A." Well, a quick history lesson may change your mind a bit. Take the 2013 Auburn Tigers. They were 150-1 to win it all and finished as the runner-up in the title game. There's a big difference between 150-1 and 300-1, however. So instead, let's take the 2013 Baylor Bears. The Bears were straddled with the same 300-1 odds last season as the Cougars are this. They then went on to win 11 games and play in the Fiesta Bowl.
Art Briles used to coach with Mike Leach. A bear and a cougar both have fur. Baylor's main color is green, Bill Moos used to be athletic director at a school who's main color was green. These are undeniable truths and are obviously scientific proof WSU is going to go 11-2 next season.
Breakdown of early season Pac-12 game odds and Heisman favorites - ESPN
Washington State 300-1
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8. Washington State (17-20, 7-8) Donnie Marbut's team likely saw their postseason fate sealed over Easter weekend in Eugene, when they were outscored by a combined 14 runs in a devastating sweep. The Cougars then returned home and were hammered by Gonzaga. Their rivalry week continues this weekend at Washington.