In order to end up with a near-zero cost for your options, the prices of the put and the call will have to be roughly the same.

WSJ: Stocks Are Riskier Than You Think

That's because the Tigers have assembled such an impressive body of work on the way to 13 wins against zero losses that they could reasonably call themselves No. 1 even if they drop the title game.

WSJ: BCS Championship 2012, LSU-Alabama: Should Voters Put the Tigers First for a Close Loss?