KNOXVILLE, Tenn. (WATE) – After topping the first edition of the CFB Playoff rankings last week, Tennessee came in at No. 5 in the latest rankings released Tuesday.

After racing out to their best start to a season since 1998, Tennessee traveled to Athens to take on Georgia and lost 27-13. The Bulldogs assumed the No.1 position in the newest CFB rankings.

Ohio State was ranked No. 2, followed by Michigan and TCU in the top four.

Tennessee fell from No. 2 to No. 5 in the Associated Press Top 25 poll following the loss to the Bulldogs.

Despite the loss, ESPN’s CFB Playoff Predictor gave the Volunteers a 64% chance to make the playoff. Only Georgia (91%) and Ohio State (87%) currently have higher odds. Undefeated Michigan currently has a 63% according to ESPN with the next highest team, Clemson, at just 31%.

Vols quarterback Hendon Hooker entered the Georgia game as the betting favorite to lift the Heisman Trophy after staring the season as a longshot. Ohio State quarterback CJ Stroud is currently the betting favorite in multiple sportsbooks.

Using a variety of factors including results, strength of schedule and common opponents, the 13-member CFP Selection Committee ranks what they consider to be the top 25 teams in the country.

The top four enter the playoff with No. 1 versus No. 4 and No. 2 versus No. 3 in the semifinals. The Chick-fil-A Peach Bowl and the Playstation Fiesta Bowl will serve as this year’s semifinal games. Both games will be held on Dec. 31.

Tennessee will host Missouri on Saturday at Neyland Stadium in their final home game of the season. They’ll travel to South Carolina and Vanderbilt in the last two weeks of the season.

New rankings will be published each Tuesday at 7 p.m. ET through the conclusion of the conference championship games.