The NCAA rules don't allow betting on other NCAA sports and especially not your own university. Pretty much just like the MLB and Rose. Look it up Jack.
It was a bit of sarcasm but also we don't need the massive IRS to have those things. Get ride of the loop holes, go to flat or vat or combination, other etc and reduce the excesses and waste.
Let's say Stalrocci gets the 2 seed but the 3 seed gets knocked off before the semis. That wouldn't be right cause Stalrocci would have an easier path as the 2 than he would have as the 1.