[B00T]

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What exactly is this called? Did I screw up, or is this a good combination?

SIA - Arizona +12 @ +100
Pinn - Chicago -11.5 @ +100

If Chicago wins by exactly 12, I win, otherwise I break even, right?

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What you have is known as a side. This is when one bet will push and the other will win. You win one side of the arb. If you had -11.5 and +12.5 and they won by 12, then that is a middle.

Housenuts.. read the FAQ, there is a section in there that explains it.