I don't even see them doing it as a way to make money. It's simply a way to make sure it can survive.
They look at fuel prices today and what's going on in the industry, and decide that the ~$135 crude level is about where it can still survive by cutting capacity and raising fare. If they don't hedge now at this price and the crude continues to rise, then its survival will be in doubt.
If crude goes down, they'll lose money, but the company will still survive.
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Thinking of betting, I just have a thought. Companies like USAirways should simply put itself on BLACK (or RED) on a roulette table at a casino. That way, they have at least close to 50% of making around 260m and get a chance to ride it out. Better than dying slowly the way it is now with 0% chance of survival.