I mean, just look at him! He's great.
What you will need:
Two letter sized hardboard clipboards, or hardboard (anything else light might do as well)
Step 1: Boards
This will increase the weight slightly, but if you've ever had to haul accounting or business law books, you'll agree that the slight cover weight is nothing compared to having those two heavy books removed from my pack forever.
I really like 1/8th inch hardboard. You can get it super cheap at Lowes or Home Depot for somewhere around $5 for a 4x8 foot sheet. I have this problem with transporting that home, and then storing it, so I opted to use some cheap clipboards as they are made out of the same stuff. I paid $3 for three clipboards, but not having to take a 4x8' sheet of board home on the bus was worth the extra cost.
Firstly, measure your iPad. I came up with 7 7/8 by 9 7/8. That's a bit big, but enough to overlap the iPad by just a smidge with the covers.
I measured, and cut the clipboards to size. I just used a hand saw because it's quieter and my neighbors might mind anything I have that's louder. The hardboard is damn easy to cut, so it only takes a few minutes.
I then sanded the edges, taking care with the corners. The corners need to be a bit rounded, or they will poke through the fabric eventually.