It is never to early make Grey Cup predictions, especially this time of year when the only news seems to be contract extensions. I found this list of Grey Cup odds for 2011, apparently from Bodog's site. I tried finding the actual list on Bodog, but could only find a cached version. The data seems a little off because only two teams have worse than 8 to 1 odds. Not sure what's up with that, but at least the ranking seems plausible, although Edmonton's odds should probably be higher. They did miss the playoffs in 2010 and I doubt many teams have gone from missing the playoffs one year and then winning the Grey Cup the next. Winnipeg probably will be terrible next year unless Buck Pierce can put together a healthy season, which should probably be a new euphemism for something that will absolutely never happen.
BC Lions 6/1
Calgary Stampeders 5/2
Edmonton Eskimos 7/1
Hamitlon Tiger-Cats 6/1
Montreal Alouettes 11/4
Saskatchewan Roughriders 11/2
Toronto Argonauts 9/1
Winnipeg Blue Bombers 12/1
Here's an editorial from the Guelph Mercury suggesting hosting a Ticat game during the Ivor Wynne rebuilding season. Seems about as likely as Buck Pierce putting together a healthy season, but at least places seem interested in hosting and in Guelph's favour it is a lot closer than Quebec City or Moncton.
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