Giant, I always hedge in these situations, but I would not hedge the current ML. If anything ratings will make this game close for a good chunk. Look at recent college title games for major sports.
I'm almost certain you'll find a much better price in game to hedge. I wouldn't be surprised to get nova close to even or even + at some point. Michigan will ugly it up and will control parts of the game. Any team that good on defense will.
I like nova in the game, but will in game it for a better price.