They didn't get rich being dumb. You can bet they have some of the best sabermetricians in the world working for them to help set lines out there.
How many people here thought vegas was retarded when they set the opening line last week at FSU -3??
And something that i like to point out that is lost on a lot of people... losses don't really matter when setting odds! If a team is 3-3 but lost to the 3 best teams in the country, couldn't they still conceivably be the 4th best team in the country? Why must they be ranked below all of the 1 and 2 loss teams??