Indianapolis 500 preview: Favorite, underdog, top storylines

On Sunday, the stars of the NTT IndyCar Series will tackle the famed 2.5-mile Indianapolis Motor Speedway in the 109th running of the Indianapolis 500 (12:45 p.m. ET, FOX).

Here is everything you need to know as drivers prepare for the "Greatest Spectacle in Racing":

Favorite: Pato O'Ward (+500, per DraftKings)

Coming off a heartbreaking runner-up finish to Team Penske's Josef Newgarden in the 2024 Indianapolis 500, O'Ward enters as the favorite as he seeks his first win in the famed race. The Arrow McLaren driver has led laps in four of his five starts at the track and has finished inside the top five in three of them.

Rolling off third after posting an average qualifying speed of 232.098 mph, the Monterrey, Mexico native has a front row seat for the start of the race as he looks to overcome the disappointment he has experienced at the speedway and claim the prestigious Borg-Warner Trophy.

Underdog: Helio Castroneves (+3000, per DraftKings)

As a four-time winner of the Indianapolis 500 (2001, 2002, 2009, 2021), it is hard to call Castroneves an underdog. The odds, though, would suggest otherwise, not to mention a 22nd-place starting position that will have him mired in traffic at the start of the race.

With a win on Sunday, Castroneves would break a tie with legends A.J. Foyt, Al Unser and Rick Mears for the most Indianapolis 500 wins of all time (five). At the age of 50, he would also become the oldest winner of the race, surpassing Unser, who was 47 years, 360 days old in 1987.

Castroneves pulled it off in 2021 and is still as competitive as ever. Regardless of what the odds say, don't count him out on Sunday as he goes for the history-making win.

How will Team Penske respond from rules violation, front office firings?

Due to modified attenuators found in pre-qualifying inspection last Sunday, it was announced on Monday that Newgarden and 2018 Indy 500 winner Will Power will start Sunday's race from 32nd and 33rd, respectively. 

Earlier this week, Team Penske parted ways with three members of its management as the fallout from the rules violation continued. Although not impossible, Newgarden's path to a historic three-peat in the race and a second triumph for Power will be a lot more difficult coming from the back.

Kyle Larson attempting 'The Double' for second consecutive year

The 2021 NASCAR Cup Series champion attempted the Indianapolis 500 and Coca-Cola 600 double for the first time last season, but never had a chance in the 600-miler due to weather.

Assuming the weather cooperates this time around, Larson would become the fifth driver to compete in both races and the second (Tony Stewart) to complete all 1,100 miles. Given Larson's immense talent, it would be a surprise if he does not join Stewart on that list on Sunday.

What to expect from surprise pole sitter

In his first race on an oval, 25-year-old Robert Schwartzman will lead the field to the green on Sunday. With a four-lap average of 232.790 mph, Schwartzman became the first rookie to win the Indy 500 pole since Teo Fabi in 1983 and the second rookie to do so since 1951.

Given his lack of experience, it would be a surprise to see him stay there, especially considering Simon Pagenaud (2019) is the only driver to win the race from the pole since 2010. Anything is possible, but that does not bode well for the first Israeli driver to compete in the Indy 500.