There are countless cases of unranked teams being favored over ranked teams and ranked teams being favored over teams ranked above them in the college polls.
from https://www.reviewjournal.com/sports/sports-columns/todd-dewey/las-vegas-oddsmakers-at-odds-with-college-rankings-2186891/
from
https://calliduselctric.tumblr.com/post/635266977358905344
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