We should not be shocked by upsets, surprised, yes, chagrined, at times, but not shocked. Obviously the mild upsets are not that notable unless the game is nationally important. The big ones are statistically probable during a season ("big" = 20+ point dog winning). And that often involves a ranked team.
We also have cases like Clemson @ UNC where there was not an upset but the margin was much less than this line.
I wonder if any folks who bet on CFB end up in the black over time. The House has a 10% vig, correct? If the line is usually about right, it would be tough to beat. Maybe some fan bases bet their own team too much, but the Big Money probably doesn't. The Big Money is probably on the House.