[CrazedZooChimp]

I understand that a point spread is intended to produce roughly 50 percent betting on one side and 50 percent on the others. But I don't really know what the intent is when somebody is established as, say, a 5-1 shot to be national champion.

I believe it is the casino saying the expect 5x as many people to bet that someone else will be national champion as will bet that this team in particular will be national champion.  So that if these guys win, roughly the pay out will be the same as the losses from all the people who bet on other teams. 

Like in horse racing, the purse should be divided among the winners, minus the small cut the casino (or race track) takes, and hopefully the casino/track hasn't somehow promised more money to the people who win than they take from the people who lose.  If they do, they screwed up somehow (horse racing bets are updated real time as you sit at the track and money is placed).

[CrazedZooChimp]

I understand that a point spread is intended to produce roughly 50 percent betting on one side and 50 percent on the others. But I don't really know what the intent is when somebody is established as, say, a 5-1 shot to be national champion.

I believe it is the casino saying the expect 5x as many people to bet that someone else will be national champion as will bet that this team in particular will be national champion.  So that if these guys win, roughly the pay out will be the same as the losses from all the people who bet on other teams. 

Like in horse racing, the purse should be divided among the winners, minus the small cut the casino (or race track) takes, and hopefully the casino/track hasn't somehow promised more money to the people who win than they take from the people who lose.  If they do, they screwed up somehow (horse racing bets are updated real time as you sit at the track and money is placed).