To me it boils down to college football is way too far on the side of actually letting the best team be national champion, and college basketball being way too far on the entertainment side.
Where you fall, is how important each is to you. And I think the end result of basketball is closer to producing a true champion than college football is to producing an entertaining race to get there. At least when it was two teams, there was entertainment in the fact that one fluky loss could end you, and a team that wasn't actually the best, could get enough breaks to get there. Going from 2 to 4 has eliminated those things more or less, and has sucked too much of the entertainment out of the national championship chase.
I think we could comfortably go to 8, and I still don't think you would see a bunch of fluky national champions. How many upsets have we seen in the CFP? Let alone a team pulling off three of those in a row. I think that would strike a good balance between entertainment and allowing the best team to win it. A 5-1-2 model. I kind of like the idea of working in some sort of group of five tournament to determine who gets that one bed, even if that is not plausible. Maybe you get rid of their conference championship games, and have the two best group of five teams play each other during championship weekend?
So let's look at NCAA tournament history.
Since the move to a 64 [65 or 68] team field, we have 35 tournaments.
There are >300 teams in CFB. If you assume that the level of "elite" teams is anywhere near the same ratio as it is in CFB, where we're letting 4 teams into the playoff as "elite", somewhere around the 12 mark would make sense as "legitimate" champs per OAM, right?
So, here's what we've got:
- 22 were won by the #1 seed
- 5 were won by the #2 seed
- 4 were won by the #3 seed
- 1 was won by the #4 seed (1997)
- 1 was won by the #6 seed (1988)
- 1 was won by the #7 seed (2014)
- 1 was won by the #8 seed (1984)
88% of the tournaments were won by the top 3 seeds. Two of the three most egregious examples of "unworthy" champs were over 30 years ago.
In the 2014 tournament, UConn as the 7 seed beat the 10, the 2, the 3, and the 4 to make the Final Four. Not exactly a "broken bracket" except not facing the #1 in the Elite Eight. UConn then beat a 1 seed (Florida) to advance to the title game, where they faced 8th-seeded Kentucky. So even in the only recent year that an "unworthy" team won it, it wasn't because they faced a road to the title like Houston would have had this year. And it's not like UConn was a terrible team. They'd flirted with top-10 rankings early in the season, faced a couple losses to fall out of the ranking, but finished (pre-tourney) at 18th in the AP and 20th in the Coaches poll.
I think the system is doing a pretty damned good job of crowning a champion. Is it the "best" team? We don't know, but it's not like we're regularly seeing unworthy teams win it.