The marketplace has driven Memphis into being a double-digit favorite at some books. I understand this with Hawaii not having their top QB, Chevan Cordeiro, and best running back, Dae Dae Hunter. There is a drop from Cordeiro to backup QB Brayden Schager. 

But at double-digits, I find enough value to back the Rainbow Warriors in what is a home game with this matchup being played in Hawaii. 
Memphis went into this season going 65-26 the previous seven years, including 8-3 in 2020. The Tigers, though, dropped to 6-6 this season. This is not one of their better teams. Their reputation is preceding them here. The Tigers also are going to be without star wide receiver, Calvin Austin. He's their best player. 

The Tigers went 1-4 SU, 0-5 ATS in their five road games this season. Only one of their last five victories was by more than five points. 

This is more like a vacation than a serious bowl game for Memphis. 

The Rainbow Warriors are going for their fourth straight non-losing season. They have a bend-but-don't-break defense that gives up yardage, but tied for fourth in the country in takeaways with 27.