Living here in Colorado and follwoing CU/CSU pretty closely, I'll chime in.
Last week's game is a FAR bigger game for CSU than it is for CU. Much like CU does when playing Nebraska, CSU always seems to give CU their best effort, regardless of perceived talent or record. My only concern with CU vs Toledo is that CU only ran for 29 yards against CSU's (on paper) poor defense. I hear that Purdue seemed to run the ball at will against Toledo, which would counter that fear. It seemed like vs. CSU, the Rams came out and scored on the opening possession and the Rams' players really believed they could win the game. CSU jumped on the Rams, leading 20-3 at half (should have been worse) and basically coasted home. CU will be in trouble in any game in which it cannot dictate the pace of the game, as Hawkins is a servicable QB at best - although he is a pretty decent game manager. I believe CU's RB's and more importantly OL is far better than they showed on Sunday.
CU's defense is very susecptible to the big play, as CSU gained about 60% of its offensive yardage on 5 plays. Outside of those big plays, the Buff D played pretty well - their offense was just plain stale for much of the game. The key will be how well they contain what seems like a pretty solid Toledo offense.
I also will echo the poster who said teams are usually not as good nor bad as week 1 and I think that holds true here. With CU's poor performance on Sunday, the extra points are a gift and I will be on CU Friday. If I had to lean to a side, I'd say under, but I'd wait until game time as I think the total (54) should go up by gametime.