What Aloha said.
Guaranteed money is better than any risk. And I've been on the ass end of hedging a dozen times when $1500 was reduced to $800-1000 due to the hedge, but it was better than losing the game and the cash.
Look at it this way: You hedge for $600 on Oregon and here are the possible scenarios:
1. Ohio State loses by 14+ you win $300
2. Oho State wins or loses by 1-6 you win $390
3. Ohio State loses by 8-13 you win $1650
I like those scenarios.
On the other hand, you don't hedge and the Ducks blow them out, and you've lost $300 plus the $300 you'd have won by hedging so net $600 loss.
In the situation you're in, financially it's best to take gambling out of the system and just work the numbers. Do a little math to get scenarios 1 and 2 above equal for maximum guaranteed return.
Just my $.02