The San Francisco 49ers are 11-3. The Baltimore Ravens are 11-3.

The 49ers have a top-five offense and top-two scoring defense. The Ravens have a top-five offense and top-two scoring defense.

The 49ers have an MVP candidate at quarterback. The Ravens have an MVP candidate at quarterback.

The 49ers are favored in their next game of the season. The Ravens are, well, they’re not. The Ravens are 4.5-point underdogs for their next game of the season, and that’s because they’re playing the 49ers. Somebody had to be the underdog.

In a potential Super Bowl preview and a matchup between the best teams from the NFC and AFC, the Ravens are 4.5-point underdogs. The label doesn’t fit with how they see themselves.

“I was surprised to see that,” cornerback Marlon Humphrey said, via ESPN’s Jamison Hensley. “But I definitely want to make that incorrect for sure. And hopefully some people lose some money betting with them and make some money betting with us.”

It’s only the second time all season the Ravens have been underdogs, and they’ve obviously thrived in their typical role as favorites. It’s why safety Kyle Hamilton said the narrative doesn’t fit with how the team feels internally.

“The 11-3’s are not created equal right now, in terms of the 49ers versus us. And we feel a little disrespected by that,” Hamilton told reporters Wednesday. “I feel like we’re the best team in the league, and we have an opportunity in front of the country to show it.”

Kyle Hamilton is not a fan of the Ravens being underdogs going into their game against the 49ers:

“The 11-3’s are not created equal right now.”

Shots fired 😂😂#RavensFlock #NFL pic.twitter.com/nfDXhPF96d

— Carita Parks (@CaritaCParks) December 21, 2023

Hamilton is right. The perception of each team’s 11-3 record might favor the Niners, but the Ravens have actually played a tougher schedule based on opponent win percentage—the second-toughest schedule in the entire NFL. San Francisco’s schedule ties as the 14th-hardest, according to EDS Football.

Schedules aside, it’s easy to understand why the Niners are favored on paper. Though Lamar Jackson is widely considered to be a better quarterback than Brock Purdy, the latter is having the best season of any player at their position and currently leads Jackson -225 to +600 for best odds to win MVP at BetMGM.

From there, you can argue over who has the deeper roster, but the Niners have maybe the most top-end talent of any team. So, when they’re playing well, everyone they go against is an underdog, especially on their field.

If anything, the Ravens are underdogs by too many points. That’s where they should have earned a little more respect by now. A team as good as Baltimore should never be given more than a field goal. But the best thing they can do now is embrace the feeling of people expecting them to lose and use it to fuel their performance on the field, which is exactly what Jackson is doing. If the rest of the team follows his lead, they’ll have a good chance to pull off an “upset.”

“I’m cool. I don’t want them to pick us,” Jackson said. “I like being the underdog. I believe we play better when we’re doubted and people are not choosing us to win the game. I feel like we play better all the time. So, just do it all the way to February.”