You ALWAYS, ALWAYS, ALWAYS, hedge big bets UNLESS the money means nothing to you and money should ALWAYS mean something to you.
Will UNC win? Maybe... maybe not. We have all seen games where the best team did not win. This is sports. Anything can happen. Why take the chance when you have a sure thing? Buster Douglas wasn't supposed to beat Mike Tyson as a 48-1 dog, USA hockey wasn't supposed to beat USSR. No way in hell would Phi Slamma Jamma lose to NC State. Si-Hun Park wasn't supposed to beat Roy Jones Jr in the 1988 Olympics, where Jones out punched him 4 to 1, totally dominated the match beat the Korean so bad he had to take 2 standing 8 counts. It was later found that the Koreans bribed all 3 officials and it was even proven that they paid them but the decision still stood. Bets had to be paid.
You want more reason to hedge? This same Villanova university beat Georgetown for the title in 1985 when Georgetown was a prohibitive favorite. Nova was like +18. It is considered the biggest upset in title history. And you want to take a chance on that?
If someone gave you a few thousand dollars would you turn it down? Then why the hell would you turn down a few thousand dollars here? Unless the money doesn't mean much to you because you're already independently wealthy. But, you better believe even Warren Buffett would hedge here.
Let me leave you with this image. This guy did not hedge...