Step 1: Cut two sheets of cardboard one inch larger than the outside diameter of your wheel.
Step 2: Wrap your wheel with foam pipe insulation, found at home centers, and center it. (this one is on its way to Bermuda)
Step 3: Score the corners of the cardboard at a 45 degree angle along the edge of your wheel and again two inches further out. Use something with a blunt edge, this is the back of a carpenters pencil. You'll need to do this with both sheets of cardboard.
Step 4: Fold the corners to create "ears."
Step 5: Tape "ear to ear" across the wheel.
Step 6: Place the partially packaged wheel on the other sheet of carboard at a diaganal and tuck its ears in.