The Raiders lost their MVP, and a league MVP candidate, when Derek Carr broke his fibula in Saturday's 33-25 win over the Colts.
According to the SportsLine Projection Model, Oakland's chances of winning the Super Bowl fell from 9 percent to 1 percent, its chance of winning the AFC from 18 to 3 percent.
At BookMaker.eu, Oakland fell to 35/1 to win the Super Bowl.
The Raiders can clinch a bye by beating the Broncos in Week 17 or having the Chiefs lose. And Oakland remains alive for the No. 1 AFC seed if New England (13-2) loses at Miami.
Entering Week 16, the Raiders were 6/1 to win the AFC, behind New England (2/3) and Pittsburgh (5/1) at the Westgate SuperBook. They were the fifth Super Bowl favorite, at 12/1.
Ahead of them were New England (9/5), Dallas (7/2), Seattle (5/1) and Pittsburgh (10/1). Look for Oakland's odds to be much higher when the SuperBook reposts Tuesday.
Backup QB Matt McGloin, a 27-year-old Penn State product, has played respectably in 11 career games. McGloin has hit 58.2 percent of his passes with 11 TDs and 11 INTs.
But he's a major downgrade from Carr, who threw 28 TDs against six INTs before the injury.