Converting point spreads to odds

[SonofJen]

When I check the sports books for NCAA basketball picks, either I find the lines for round one of the tournament or I find the odds on a given team winning the whole thing. With respect to the former, if a higher seeded team is favored by say 5 points, how does one make sense of that in terms of odds? In other words, what are the odds that the higher seeded team will win if they are favored by 5 points? With the spread the odds "should be" 1:1 right? So how does that calculation change when one is simply betting on a team winning or not regardless of the spread. Essentially what I'm after is how one compares the EV of picking a higher seeded team and the points yielded from that round based on the seed versus picking a lower seeded team which may not be favored to win but might have a higher EV due to a seed muliplier bonus. Any insights into this inquiry would be greatly appreciated. Thank you.