[perezfan]

Nice solution! It looks great and displays even better that way. You can now clearly read the word "Cincinnati". Plus, the even distribution of weight will help to avoid any further tearing.

As for sandwiching between plastic sheets... there are pros and cons...

Pro:
It would further protect the flag.
Not sure what material it's made of (or if moths might be an issue). But I feel lots better when my pennants are framed/protected/immobilized

Con:
You might lose the soft/tactile qualities intrinsic to the flag.
This thing was made to wave and flap in the wind. You can really grasp that feeling better when it's draped on the wall (as opposed to sandwiched between plastic).

I like the solution you pictured, but if protection/preservation is your primary concern, then you should probably encase it. All comes down to personal preference.

Either way... a great acquisition!
Mark