The latest March Madness betting odds has North Carolina still the favorites to win the 2009 NCAA Men’s basketball tournament. As overwhelming of a preseason favorite as seen in years, the Tar Heels are currently 5-2 to win the Big Dance.

Connecticut is next at 7-2. Two Big 12 teams have essentially switched spots from the preseason rankings. Texas, considered in the preseason as the third most likely team to capture the Final Four championship is now 50-1, while Oklahoma has skyrocketed to 12-1.

As far as expert March Madness predictions are concerned, most handicapping experts seem to agree the race is wide open.

“The Sooners have the best player in the country Blake Griffin and the top freshman in Willie Warren,” says Joe Bartelle of BetOnSports360.com, in predicting Oklahoma will emerge as champions.  

Few teams have plummeted as far as Georgetown, now at 100-1. Despite previous postseason early exits, Pittsburgh is the choice of Brian Gould of ScoresOddsPicks.com. “Sam Young, Levance Fields, and DeJuan Blair make the Panthers the team with the most true star go-to players,” insists Gould.

Other strong contenders including Louisville at 10-1, Duke at 15-1, and once top-ranked Wake Forest at 15-1. Gonzaga at 40-1 and Butler at 60-1 is the mid-major most likely to wear the glass slipper.

Mike Godsey of GodsTips, anchor of OffshoreInsiders.com projects the four top sees to be North Carolina, Oklahoma, Pittsburgh, and Connecticut.

Godsey says the best dark horses are the teams that will be the final Big East and ACC entrants. Villanova at 50-1 or even Florida State at 150-1 could certainly bust some March Madness bracket picks.

Get the updated live odds rundown for March Madness 2009.