If the Steelers win and cover the spread (8 1/2 points), he wins and I have to wear his jersey at work for a few days (January 24-26, to be precise). If the Jets win, or lose but cover the spread, he has to wear my Jets jersey at work on those days.
Unfortunately I don’t own such a jersey, so it’s as if I’m betting the cost of a jersey (around $65) against the Jets. I could place a bet for that amount on the Jets, and that would reverse the odds — I’d break even if the Jets cover the spread and lose $65 if they don’t. Either way there’s no financial upside for me, but this isn’t about the money.