The 2022/23 season was an example of this, as the play-off final was contested by two unlikely promotion candidates in Coventry City and Luton Town. Rewards of promotion are coveted but relegation to League One is dreaded.
Here are the relegation odds given to every Championship club ahead of the 2023/24 season by Sky Bet.
. Relegation odds
Here are the relegation odds for every Championship club. Photo: Alex Pantling/Getty Images
. Leicester City
40/1 Photo: Michael Regan/Getty Images
. Leeds United
33/1 Photo: Stu Forster/Getty Images
. Southampton
25/1 Photo: Charlie Crowhurst/Getty Images
. Middlesbrough
20/1 Photo: Stu Forster/Getty Images
. Watford
14/1 Photo: Richard Heathcote/Getty Images
. Norwich City
14/1 Photo: Clive Mason/Getty Images
. West Bromwich Albion
12/1 Photo: Clive Mason/Getty Images
. Stoke City
11/1 Photo: Gareth Copley/Getty Images
. Ipswich Town
10/1 Photo: Ashley Allen/Getty Images
. Coventry City
10/1 Photo: Richard Heathcote/Getty Images
5. Middlesbrough
20/1 Photo: Stu Forster/Getty Images
6. Watford
14/1 Photo: Richard Heathcote/Getty Images
7. Norwich City
14/1 Photo: Clive Mason/Getty Images
8. West Bromwich Albion
12/1 Photo: Clive Mason/Getty Images
