I have a little different, personal spin on this discussion question...
The 2018 #1 Virigina first round loss to #16 UMBC...
There was about 15 of us out in Vegas for the first weekend of the tournament for a buddy's bachelor party and my buddy upped the ante on a live bet on Virgina when they were down in the 2nd half. He put his hair on the line mentioning that there is no way a 16 seed can beat a 1, because it had never happened before. We all know how that game finished and sure as shit, he headed back to the AirBnB where the other guys shaved his head to look like Tom from the Guess Who game and he had to spend 3 more days in Vegas walking around looking like that.