I'm with DougJ
Letting it ride is no hedge. Pitt +8 is a perfectly safe hedge, but I would go with Pitt ML. You're asking for a hedge, so I'm addressing that. Letting it ride is a very fine direction to go as well, depending on your willingness to take the risk.
If you do Pitt ML, you could lose both and so is not a perfectly safe hedge. In all likelihood, Indianapolis will not win by one or two, if they win. It is a safe hedge and the payout is very nice if you take Pitt ML, so you don't have to put nearly as much on Pitt ML as you would to get the same payout on Pitt +8.
On the other hand, said the one-handed economist, you could win BOTH Pitt +8 and Indy -2.5. That would be good for you and has a very good chance of occurring; by my guess more than a 25% chance. And, again, it is a perfectly safe hedge. You will win at least one of those two choices with 100% certainty.
Still, I would hedge with Pitt ML. BUT, don't be mad at me if Indy wins by one or two....just saying it's not likely and it's relatively safe to do so. Just MHO. tulsa