Received via PM:
I see alot of people on the board talking about doing teasers for the phlly/NE game on sunday.
do you think it makes sense to tease both eagles and pats for 7 points ... [in a single teaser]?
No. Almost certainly not.
In general teasing different sides of the same bet in a single teaser is a very bad idea. The reason for this is because in a teaser what you're really trying to do is maximize the probability of both teams covering the teased spread at the same time. Part of the time that one team covers it's going to be because it blew out the spread by so much that the tease of the other team would fail to cover.
Another way of looking at this is that a teaser is really a type of parlay. By betting different sides of the same game you're parlaying two negatively correlated events, which is hurts the value of parlays.
Example:
Let's say that you think that you believe two teams (not playing one another) each have an 78% probability of covering a teased spread at (standard for 7-point teasers). This would make both teased bets excellent choices for a teaser. The teaser would cover with probability 78%2 = 60.84%, which would imply a hefty player advantage of about 60.84%× - 1 ≈ 7.64%.
Now let's say that the two teams you believed each had an 78% probability of covering a teased spread were playing one another.
This means that each team would fail to cover its teased spread 1-78% = 22% of the time. That 22% of the time, however, the other team would cover its teased spread. Hence, both teams would simultaneously cover only 1-22%-22% = 56% of the time. This implies a player (dis)advantage of about 56%×1.7692 - 1 ≈ -0.92%.
So the moral of the story is this: Tease both sides of the same game if you like, just make sure to do so in different teasers.