Why would you want to hedge this? If you don't hedge, you stand to net $300 from your futures wager. If you took the OSU moneyline with the intent of netting $150 between the futures payout and the OSU hedge bet, you walk away with a $150 profit (in round numbers). It's always great to win something but, with the hedge, you are cutting your potential gain in half - I'm sure you know all this.
Put another way, if pocketing $150 is significant to you, then hedge it. If not, if the hedged win would represent a small portion of your bankroll, then let it ride!
In the interest of full disclosure, I think OSU certainly covers +7 and may well win outright. If you think the Ducks win, my advice is let it ride and enjoy the trip!
If you must hedge, perhaps you can kind of get a "middle" out of it by taking the points on the Buckeyes. If the Ducks SU win is within the spread, you get paid on both!
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