[Qbawler311]

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Highest odds PHI: Bookies2=PHI with +110
Highest odds CHI: Bookies1=CHI with -110

PHI +110 = 11/10 = 110
CHI -110 = 10/11 = 90.91

110 + 90.91 = 200.91

200/200.91 = 99.55% or a .45% combined profit to the arb better

Is this correct?

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no, because only one team can cover the same spread. the way you structured it, if the bulls win by 6 or more, you win $10, but if philly wins or loses by 5 or less, then you lose $9.09.

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I was using the numbers for the calculations not bets, just as a proof of concept, given that situation you can have a win-win situation (although very small) if you balance your wagers properly.