I'm not really interested in setting off the Ripleys Rage meter today but yes they've absolutely underperformed. Their seeding starting in 2004-05 has been:
1, 1, 6, 2, 2, 1, 1, 2, 2, 3, 1, 4, 2, 2, and 1. Just going by the seeds that should be 6 Final Fours. They have 2. It should be 12 Elite 8's or better. They have 4. It should be 14 Sweet 16's or better. They have 9.
They lost as a 2 seed to #7 South Carolina on first weekend. They lost as a 3 seed to #14 Mercer in the first round. They lost as a 2 seed to #15 Lehigh in the first round. They were smoked in a Sweet 16 game as a 1 seed to #5 seed Arizona. They also lost a Sweet 16 game as a 1 seed to #5 Michigan State.
I'll buy the argument that perhaps the uniform gets them overseeded over time (certainly not this year) and with their seeding it's almost impossible to live up to seed expectations. But this also isn't a small sample size anymore either. They really haven't performed that well for the seed they are given plus the talent they have on that roster with one of the best coaches in the history of the game. But I'm not saying they haven't been a great program either