Sportsbet has priced Perth Bears at $2 to finish last in their first season, making them the clear wooden-spoon favourites for 2027.
Wests Tigers and Gold Coast Titans are next at $10, followed by Canberra Raiders and North Queensland Cowboys at $13.
At the other end of the market, Penrith Panthers and Sydney Roosters share premiership favouritism at $6.
Penrith's odds come with uncertainty over Nathan Cleary's fitness, while the Roosters have lost Mark Nawaqanitawase to rugby union and Daniel Tupou to retirement.
The Dolphins are $8.50 for the title, with Melbourne Storm and South Sydney Rabbitohs at $9. New Zealand Warriors are $12, Newcastle Knights $14 and Brisbane Broncos $15.
Canterbury Bulldogs and Cronulla Sharks are each $26, while St George Illawarra Dragons are $34 after comfortably claiming the 2026 wooden spoon.
Bookmakers expect North Queensland Cowboys, priced at $41 for the premiership, to fall away after reaching this year's finals.
Perth are the shortest spoon option, while Sydney Roosters are the longest at $101. Penrith are $81 and the Dolphins $71.
Eight teams are below $20 for the spoon, including Manly Sea Eagles and Dragons at $17, and Parramatta Eels at $15.