The Ravens failed to make the Super Bowl after a third straight postseason appearance, but they’re once again among the favorites to win next season’s championship game.

Opening at 12-1, according to Vegas sportsbooks, the Ravens hold the fourth-best odds to win Super Bowl LVI, set to be played on Feb. 6, 2022, at SoFi Stadium in Inglewood, California. Only the AFC champion and Super Bowl runner-up Kansas City Chiefs (6-1), Green Bay Packers (9-1) and defending champion Tampa Bay Buccaneers (10-1) have better odds.

In the AFC North, the Cleveland Browns are 25-1, followed by the Pittsburgh Steelers (30-1) and Cincinnati Bengals (80-1). The Buffalo Bills, who knocked the Ravens out of the playoffs with a 17-3 home win in the divisional round, hold 12-1 odds. The Los Angeles Rams, who executed the first blockbuster move of the offseason with their pending trade for Detroit Lions quarterback Matthew Stafford, are also 12-1, rounding out the top six.

After another disappointing postseason exit, much of the Ravens’ offseason will again focus on whether quarterback Lamar Jackson, who is eligible for a contract extension, can make the requisite improvements as a passer and whether the front office can surround him with the proper supporting cast.

Ravens general manager Eric DeCosta will also have to see whether he can reach an agreement on extensions for ascending players such as tight end Mark Andrews and offensive lineman Orlando Brown Jr. while navigating a depressed salary cap with several notable players set to hit free agency, including edge rushers Matthew Judon and Yannick Ngakoue and wide receiver Willie Snead IV.