As a college student, (just finished my first 4 years of engineering torture at U of WA and now onto a PhD to suffer some more), you have my vote, to NOT give them a second chance.
If I wanted to do something stupid and party before a midterm, at least study your rear off in advance. I'm sure the game day and test day were well in advance for planning purposes.
What I've seen is that if you let the class get away with it, so to say, they learn you are a "pushover" and word will spread among students. I knew some real pesky students who would take advantage of any nice teacher and push the limits on assignments and exams constantly. We even had a student once have the guts and be rude enough to call a professor at their home OUT OF STATE to have an exam moved because they were known for being lenient!
Furthermore, being a student who has taken classes that "extra credit" was given or tests have been changed due to lack of insight on some students, I get royally angry that the ill preparation of some means that they get a break. I get even more angry when I realize that my preparation, hard work, and planning was all in vain because I could have just did it at the last minute or made it up later. When something is due or something is expected within reasonable time, be ready or tough luck.
I feel giving the people who are ill prepared punishes the ones who work hard in the class to do well. But this is coming from someone who often messes up the curve.