Should I bet on Mich State?

I'm in a Tournement bracket, where i need UNC tonight to win to get $600. It was only a $20 buy-in. Should i put some money on Mich State to cover my losses if NC decides to not show up. Is it even worth it to bet on Mich State, and how much? You get 3:1 odds if you bet mich state straight up.