I don’t value trends as much as some other bettors, as I believe most are usually just noise. Plus, you always have to keep in mind that betting markets will adjust over time to any identifiable profitable trends.
That said, I do find them interesting at the minimum for one-off unique events like conference championships. Here’s a quick summary of a few that I dug up pertaining to both sides and totals.
Barking Dogs
In all conference championships since 2005, underdogs have gone 63-54-3 (53.8% ATS), per Action Labs. True home and road underdogs have performed better at 24-14 (63.2%) than neutral-site underdogs at 39-40-3 (49.4%), which I assume is mainly random noise.