As a UD alum, I follow the fightin' Blue Hens quite a bit. I made it to the semi-finals last week to watch them handle Wofford. I think taking Delaware -5.5 is fairly strong play for several reasons.
First of all Delaware played a much tougher schedule. Colgate plays in the very weak Patriot League. The A-10 where Delaware plays is much tougher. Delaware even beat a very respectable Navy squad in mid-season.
Delaware has dominated everyone it has faced in the playoffs. The team is on a roll and is playing with a lot of confidence. The offense has been clicking in both the running game and passing game. A bit of a concern is that QB Hall has a hurt shoulder. But it has been hurt for a couple of games now and he seems to be OK playing with it. Colgate has squeezed some games out in the playoffs and has not been as dominating.
That is about it for my knowledge. If there any more polished handicappers out there with a read on I-AA I would love to hear from you. I will be riding Delaware -5.5. Maybe I am thinking more with my heart than my head but I don't think so.
By the way, I saw UD -5.5 at bet365.