The California Golden Bears usually get a great deal of respect from the bookmakers. Not this year. Cal are huge underdogs in almost every single one of their football games in 2013 (for the entire list of early Pac-12 football lines, click here).
10.5 point underdogs vs. Northwestern
11 point underdogs vs. Arizona
13 point underdogs vs. Oregon State
16.5 point underdogs at UCLA
17 point underdogs vs. USC
17 point underdogs at Washington
21 point underdogs vs. Ohio State
22 point underdogs at Stanford
34 point underdogs at Oregon
Cal has one of the most difficult schedules in college football (mandatory Stanford/Oregon/USC/UCLA on the Pac-12 schedule, with road trips to Palo Alto and Eugene), and on top of that they get home games to start the season against top 25 teams, including national championship contender Ohio State. The Bears are coming off a 3-9 season and have a lot of issues in multiple areas, particularly with trying to find solid running backs in their rotation and a starting quarterback to boot.
Cal is in trouble next year. They are double digit underdogs in NINE of 12 games, including five games at home. They are probably favored in their remaining three remaining games, but it does seem like Vegas believes there will be much improvement this offseason.