Following the losses of Tyler Ennis, Jermai Grant, C.J. Fair, and Baye Keita Syracuse will likely begin next season unranked. They are the fifth best team in the ACC, and the gap between them and Duke, North Carolina, Louisville, and Virginia is significant.
SU is by far the most questionable inclusion in the 33-1 group and presumably they've been given better odds than teams like Gonzaga, Oklahoma, VCU, Oregon, Iowa, and Nebraska based on the name on the front of the jersey rather than the lackluster collection of names on the backs.
When you continue to lose top tier talent early to the NBA, there are invariably going to be seasons where the talent drain catches up with you. The fact that oddsmakers still think of Syracuse as a top 20 unit heading into what promises to be a challenging year is a testament to the cache the Cuse brand name carries nationally.
Unfortunately players win games, not cache. I would strongly advise against taking a flier on the Orange to beat the odds (or even live up to them).