There are times that Vegas odds make sense to me and times they don't... This is one where they don't. Here are MGM Grand's odds for the winner of Super Bowl 2013.
New England Patriots 5-1 Green Bay Packers 11-2 Pittsburgh Steelers 6-1 Philadelphia Eagles 6-1 New York Giants 8-1 New Orleans Saints 10-1 San Francisco 49ers 10-1 San Diego Chargers 12-1 Houston Texans 12-1
I don't really know what the Eagles did to make themselves essentially the third favorite to win it all next season... And I'm sure Giants fans will be miffed at seeing their team fifth after just winning it all. Although I can actually see why you might not favor New York to repeat. They would certainly be my favorite to win it all if they get in the playoffs... but that's certainly no guarantee with that team. They're kind of odd like that. They'll play down to their competition and lose winnable games. So really, 9-7 and no playoffs is just as likely as another title for me.
But what is really most unbelievable is seeing the Patriots as the favorites. Nothing about that team tells me that they should be considered the favorites to win it all. I'd favor teams like Houston, New Orleans, Green Bay & Pittsburgh over them without question.