Who's projecting an L to UNC?
Based on the data we have available to us (2022), Minnesota is a good margin better.
Minnesota: #16 SP+, #18 F+, #20 TeamRankings, #23 Sagarin
UNC: #52 SP+, #60 F+, #52 TeamRankings, #56 Sagarin
(by every measure Syracuse is better than UNC)
If Minnesota were playing UNC in their bowl game, even for the mayonnaise bucket in Charlotte, even in the Tar Heel Winter Homecoming Bowl, the Gophers would be favored.
Just don't tell it to the human polls, who have ranked the Tar Heels almost all year long and had them #23 going into championship week, with the Gophers finally getting one measly vote from one bold sportswriter.
The perception gap between these two teams means UNC is playing a bowl game vs Oregon and Minnesota is playing Syracuse. When computers look at it, Minnesota is the 3rd most heavily favored team by SP+ in bowl szn, while UNC is the 2nd biggest underdog. All about the sticker on the helmet.