The race to succeed Lorne Michaels at Saturday Night Live has a surprising new frontrunner, with Steve Higgins surging to 76¢ from just 10¢ in a massive swing that caught traders off guard. Higgins has served as a producer and writer on NBC's sketch comedy variety series since 1995, eventually rising to the role of producer and unofficial second-in-command to executive producer Lorne Michaels. Meanwhile, early favorite Tina Fey dropped to 38¢ from 77¢, while Colin Jost fell from 71¢ to 45¢.

The surge in Higgins' odds reflects traders' growing conviction that SNL will promote from within rather than recruit an outsider. Higgins brings a unique set of skills to the potential EP position, having worked in proximity to Lorne for more than 30 years. Higgins' three decades of work on the show has given him invaluable insight into what it takes to showrun such a behemoth and gives him a unique advantage over many other contenders.