pros. No one knows more about college football than the pro bettors. If the line is off, the pros will eat the casinos for lunch. So the line makers have to be ahead of the pros. They have to know everything about the teams, injury situations, weather, etc.
The NFL is really the only sport where general public perception moves the line. College lines are usually very accurate. However, the first game of the season is really difficult to predict for anyone--even the really smart people.