I. Thou shalt look to pick the straight up winner of the game.
This may seem obvious but let's examine, for a moment, why this statement is so important. It's very common for handicappers and players to become overly preoccupied with the pointspread. But how often does the line matter? Actually, the line only matters when the Favorite wins the game but fails to cover the pointspread. The line does not matter when the Favorite wins and covers and when the Underdog wins outright. Since 1991, the team that won the game also covered the pointspread 73.5% of the time. That's almost 3 games in four over more than 5,200 games. But the percentage is even higher in Bowl games. Since the 1991 season almost 350 Bowl games have been played and the line has come into play barely 14% of the time. That is, in 86% of all Bowl games played over the past eight Bowl seasons, the winner of the game has also covered the pointspread. So your first objective is to not be obsessed by the line. Rather, look for the team you think will win the game straight up.
When playing an Underdog you should also consider the Money Line under certain conditions. Money Line wagers do not involve points but rather require your team to win the game straight up. When playing an Underdog on the Money Line you receive odds such as +140 or plus 2 to 1, etc. Here are some statistics to guide you. Double digit underdogs (those getting 10 points or more) win straight up only 25% of the time. Thus if you can get at least 3 to 1 on your double digit dog you are getting a fair shake. Keep in mind that the average line for Bowl Underdogs is roughly +6 so the number of double digit dogs is not great (about one Bowl game in six features a double digit line). Surprisingly Underdogs from + 7 to + 9 ½ win at about the same one in four rate and you occasionally will get 3-1 or better in that price range. About one Bowl in seven falls within this pointspread range. An acceptable Money Line range appears to be from + 3 ½ to + 6 ½, or greater than a field goal but less than a touchdown. Underdogs in this range win about one game in three so getting at least 2-1 on these Underdogs can provide value. About one Bowl game in three falls within this pointspread range. Finally the small underdog, up to + 3. These puppies win only about two games in five so you would need at least 3-2 (+ 150) odds to consider these small Underdogs for a money line play. It is extremely important to shop around for money lines since prices can and do vary widely, much more so than straight pointspreads.