"Favorite" just means you have a higher quality team.

Ticket price should be set to maximize the attendance. IMO it's more important to fill your stadium to get the maximum possession bonus. Every home game, see if you maxed out your attendance. If you have, bump the price up 1. If not, back the price down.

For bonus, it helps motivate your players. When I'm against a tough team or need a win, a max out the bonus. If you lose, you don't pay.