Taking a look at the odds to win the Super Bowl among the final eight teams, here's what we have:
Patriots +160
Falcons +500
Packers +550
Steelers +600
Bears +650
Ravens +900
Jets +1400
Seahawks +4000
That means the Pats have a 100 out of 260 chance (38.5|PERCENT|), the Falcons have a 100 out of 600 chance (16.7|PERCENT|), the Packers (15.4|PERCENT|), the Steelers (14.3|PERCENT|), the Bears (13.3|PERCENT|), the Ravens (10|PERCENT|), the Jets (6.7|PERCENT|) and Seahawks (2.4|PERCENT|).
That might sound reasonable enough, but let's add all the percentages up: 38.5+16.7+15.4+14.3+13.3+10+6.7+2.4 = 117.3.
So there's apparently a 117.3 percent chance that one of these eight teams wins the Super Bowl. In other words, these odds are understated by an average of about 17 percent, though it's not uniform across the board. For example, the Seahawks are 10-point underdogs, and the moneyline on that game is +350/-450, i.e., the real odds are about 400. That means 20 percent. If we posit that Seattle would be 10-point underdogs on average the rest of the way, that's 20 percent cubed. Which is eight tenths of 1 percent. Which means they should be 125:1, not 40:1. So the vig on the Seahawks isn't just 17 percent. You'd actually be getting less than one third of the payout you deserve if you backed them, and they won.
That said, the Seahawks are only a small part of the equation. Their odds imply they make up 2.4 percent of the pie, when really they should make up 0.8 percent of it. You're still paying a hefty vig no matter which team you take.