NFL point spreads are a betting tool used to level the playing field between two teams. The spread represents the number of points a favored team must win by to cover the bet, while the underdog can either win outright or lose by fewer points than the spread. This system adds excitement to games, as fans not only cheer for their team to win but also for the margin of victory. Point spreads fluctuate based on team performance, injuries, and public betting trends, making them a dynamic aspect of sports wagering.