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Here is my analysis, which ignores margin of victory. RPIs are in ():
Good wins:
Gonzaga had the best win (Xavier (22)). Memphis’ sweep of UAB(31) is better than Gonzaga going 2-1 against St. Mary’s. Memphis’ next best good wins (@Gonzaga, UTEP(59) in CUSA championship in El Paso) are better than Gonzaga’s (Marquette(64), OK St.(62)). Plus Memphis had 13 total top 100 wins, while Gonzaga had only 8 (I am giving them top 100 credit for Portland(104)).
I think Memphis has a clear advantage here. The quantity of the good wins by Memphis and that several of them were true road games is enough to overcome the Xavier win. Xavier is good, but it is not like they will be a #1 seed.
Memphis top 100 wins: @31 (UAB), 31, 55 (Marshall), @57 (Gonzaga), ~@59 (UTEP), @63 (Southern Miss), 63, 63, @68 (UCF), 68, 73 (Miami), 96 (ECU), 96
Gonzaga top 100 wins: 22 (Xavier), @46 (St. Mary’s), 46, 62 (Ok St.), 64 (Marquette), 93 (Baylor) (104, @104 Portland)
Losses:
Both lost to three good teams, a few bubble/NIT type teams (3 for Memphis, 4 for Gonzaga), and had a few bad road conference losses (3 for Memphis, 2 for Gonzaga).
Gonzaga probably has an advantage here.
Good losses:
Memphis: Kansas(1), Georgetown(13) with Chris Wright, @Tennessee(33) (maybe should be bubble)
Gonzaga: SDSU(3), @Notre Dame(8), Kansas State(23)
Bubble/NIT losses:
Memphis: @Marshall(55), @UTEP(59), Tulsa(81)
Gonzaga: Memphis(28), St. Marys(46),@Illinois(47), @Washington State(82)
Bad losses:
Memphis: @ECU(96), @Rice(187), @SMU(206)
Gonzaga: @San Francisco(120), @Santa Clara(158)