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The Warriors are seen as long shots to win the 2005 National Rugby League (NRL) although Australian bookmaker Centrebet rates them a decent chance to make the playoffs.
Buoyed by veterans Ruben Wiki and former Bulldogs captain Steve Price, the new-look Warriors are priced at $A21 to win the grand final and $1.90 to make the top eight.
After narrowly avoiding the wooden spoon on points differential last season, the Warriors ($17) are not considered leading contenders this year.
Reigning premiers the Bulldogs are warm favourites to retain their title in October.
NRL premiership odds: Canterbury Bulldogs $3.40 Sydney Roosters $5.50, St George Illawarra Dragons $8, Penrith Panthers $11, North Queensland Cowboys $12, Brisbane Broncos $13, Parramatta Eels $15, Newcastle Knights 15, Melbourne Storm $16, New Zealand Warriors $21, Cronulla Sharks $23, Canberra Raiders $51, Manly Sea Eagles $67, Wests Tigers $67, South Sydney Rabbitohs $126.
Wooden spoon: Rabbitohs $2.10, Sea Eagles $4.50, Tigers $5, Raiders $7.50, Sharks $17, Warriors $17, Eels $26, Cowboys $34, Knights $34, Storm $34, Panthers $41, Broncos $67, Dragons $67, Roosters $81, Bulldogs $126.