Disagree.
With the byes going to the top 4 Conf. champs, you end up in a situation where the 12th ranked team ends up as the 4 seed like we have this year with Arizona State. Clemson was the 12 seed at the 16th rank and was NOT that far behind Texas. Brought it to 7 before giving up a long TD and then had it at the UT 1 and turned it over on downs with a chance to bring it back to within 7. What I'm saying there is that Clemson had a decent shot at a relatively friendly path to the final four.
Boise St. is also sitting at the 3 seed while ranked 9th. So there's a similar situation there where Penn State has a reasonable path to the finals as the 6 seed. That's got Cinderella vibes.
The biggest issue that we're seeing is the disconnect between rankings & seedings. Also just everyone having to wrap their heads around this process that is completely novel to us and we're trying too hard to make analogies to other sports.
We WILL see underdogs win in the first round eventually, just didn't happen this year. And it's worth noting that most Cinderellas in March Madness don't make it out of the first weekend, and fewer still make it out of the Sweet Sixteen.