I thought I'd run some simulations and see if I could determine which teams are the most under- and over-priced at this point. Here's what I did:

1. Using Sagarin's PREDICTOR to calculate probabilities of winning between any two teams
2. Simulate the rest of the regular season
3. Calculate the conference tournament seeds for each conference based on the current conference wins and the conference wins from the simulation
4. Simulate the 30 conference tournaments based on the seeds from 3 and the probabilities from 1 and according to the tournament structure and home court advantages from each of the conferences
5. Get the automatic bid for the 30 conferences from 4 and for the Ivy League from the regular season champ from 3
6. Use the Dance Card methodology to determine the at-large bids to the big dance
7. Assume that the next 32 teams left out would go to the NIT
8. Simulate the NCAA tournament based on the seeds from 6 and the probabilties from 1
9. Simulate the NIT similar to what was done in 8
10. Calculate the fantasy points for each team based on this simulation
11. Repeat the simulation thousands and thousands of times

Anyway, the beauty of doing this is that it gives you an expected return based on the expected fantasy points across all of the simulations, PLUS it gives you some measure of risk based on the dispersion of the fantasy points across observations.

One thing to note:
The simulations are all based on the assumption that the probabilities from the current Sagarin PREDICTOR will not change over time. This is unlikely to be true, but this is probably the best we can do as if you could predict how the ratings will change, you could come up with a better ratings system than that of Jeff Sagarin's PREDICTOR




Here are the results using data from games through  18-Mar-2009  and the current prices as of about   1:17:01 AM  Eastern on  19-Mar-2009.


TeamExpected ReturnStDev(Ret)t-statCurrent PriceExpected PriceStDev(Price)Skewness(Return)Prob(Final Price > Today's Price)
Morehead St.26%4%6.9$69.10$87.29$2.6510.8100%
Baylor19%10%1.9$60.85$72.20$5.901.4100%
Binghamton16%4%4.4$70.85$82.27$2.6012.7100%
Radford15%3%4.9$60.99$70.14$1.8814.8100%
Stephen F. Austin14%11%1.3$68.57$78.38$7.433.5100%
Southern California14%25%0.6$87.98$100.52$22.211.666%
Duquesne14%0%34016223447128.9$60.44$69.00$0.001.0100%
Morgan St.14%6%2.4$72.67$82.80$4.235.7100%
Chattanooga14%3%5.5$56.33$64.10$1.4215.0100%
American13%8%1.8$79.06$89.66$5.973.8100%
Mississippi St.13%15%0.9$78.94$89.39$11.922.6100%
Akron13%8%1.5$75.69$85.54$6.384.9100%
Alabama St.13%0%4420912149852.1$67.45$76.00$0.001.0100%
Arkansas Little Rock13%0%7133533034415.5$63.07$71.00$0.001.0100%
Cleveland St.12%16%0.8$79.97$89.96$13.022.6100%
Oakland12%0%29346451329625.9$59.64$67.00$0.001.0100%
College of Charleston12%0%4167372883380.3$72.22$81.00$0.00-1.0100%
East Tennessee St.12%6%2.0$71.45$79.68$4.147.1100%
Robert Morris11%6%1.8$80.01$89.10$4.984.9100%
South Alabama10%0%5422555365421.5$57.37$63.00$0.00-1.0100%
Old Dominion10%0%4378835189499.6$59.23$65.00$0.00-1.0100%
Hofstra10%0%11907608725299.2$56.56$62.00$0.001.0100%
Penn St.9%7%1.4$70.93$77.63$4.741.2100%
Houston9%0%7662131417138.3$61.47$67.00$0.00-1.0100%
Niagara9%0%4229651045557.6$75.36$82.00$0.00-1.0100%
Buffalo9%0%13667832969915.2$61.58$67.00$0.001.0100%
Cal St. Northridge8%8%1.0$57.95$62.85$4.696.2100%
Rider8%0%4367830904418.1$54.54$59.00$0.001.0100%
North Dakota St.8%12%0.6$85.41$92.29$10.593.4100%
Auburn8%9%0.9$70.96$76.65$6.200.666%
Tennessee Martin8%0%8215141305385.4$57.46$62.00$0.001.0100%
Virginia Tech8%9%0.9$60.89$65.67$5.361.1100%
Tulsa8%6%1.4$74.71$80.52$4.292.0100%
Arizona7%25%0.3$74.47$79.84$18.471.842%
West Virginia7%32%0.2$120.64$129.25$38.551.155%
Holy Cross7%0%13590495615085.6$54.14$58.00$0.00-1.0100%
Wisconsin7%28%0.3$77.59$83.10$22.001.456%
Ohio St.7%21%0.3$91.43$97.70$18.832.065%
Prairie View A&M7%0%4725202555528.0$38.42$41.00$0.001.0100%
Illinois7%19%0.3$102.75$109.58$20.022.286%
San Diego St.7%10%0.7$75.27$80.26$7.420.366%
Brigham Young7%24%0.3$102.33$109.10$25.042.076%
Utah6%23%0.3$101.73$108.16$23.751.758%
Arkansas Pine Bluff6%0%10918803988454.4$38.69$41.00$0.00-1.0100%
Pacific6%0%9247072494521.3$54.83$58.00$0.001.0100%
James Madison6%0%5157766003445.6$55.88$59.00$0.001.0100%
North Texas5%0%159067996913072.0$57.87$61.00$0.001.0100%
UCLA5%29%0.2$122.17$128.65$35.601.356%
Vermont4%0%21413955241760.2$66.14$69.00$0.001.0100%
Portland St.4%12%0.3$74.35$77.36$8.912.814%
California4%21%0.2$90.13$93.76$18.902.165%
Jackson St.4%0%12138151402807.8$55.95$58.00$0.001.0100%
Northern Iowa3%11%0.3$82.46$85.32$9.053.214%
Liberty3%0%5781868361750.7$54.17$56.00$0.001.0100%
Cornell3%9%0.4$66.21$68.33$5.784.9100%
Kansas St.3%9%0.3$66.62$68.53$5.991.734%
Austin Peay2%0%7224511492752.7$53.78$55.00$0.00-1.0100%
Maryland2%16%0.1$80.71$82.46$13.162.135%
Notre Dame2%10%0.2$63.80$65.11$6.660.739%
NC Asheville2%0%7078169018702.8$37.24$38.00$0.001.0100%
Oklahoma St.2%21%0.1$92.30$94.15$19.222.250%
Creighton2%7%0.3$88.35$90.04$5.931.054%
Missouri2%24%0.1$141.04$143.44$34.321.430%
Temple2%16%0.1$87.03$88.46$13.862.723%
St. John's1%0%3658512189364.0$49.28$50.00$0.00-1.0100%
Washington1%25%0.0$114.56$115.88$28.781.644%
Mount St. Mary's1%0%6805571765587.7$60.50$61.00$0.00-1.0100%
Boston College1%17%0.0$86.22$86.79$14.342.034%
Rhode Island0%5%0.1$73.14$73.46$3.932.037%
Arizona St.0%26%0.0$119.08$119.48$31.531.544%
North Carolina A&T0%0%Inf$38.99$39.00$0.00NaN100%
Weber St.-0%0%-4287865245789.4$60.04$60.00$0.00-1.00%
Purdue-0%22%-0.0$125.28$125.14$27.401.648%
Wright St.-0%0%-9536943326579.7$64.30$64.00$0.00-1.00%
Wisconsin Green Bay-1%0%-5103301717108.0$63.37$63.00$0.001.00%
Manhattan-1%0%-4710950707300.7$48.30$48.00$0.001.00%
Providence-1%0%-10337268389063.2$59.48$59.00$0.00-1.00%
Gonzaga-1%27%-0.0$140.45$139.04$37.321.332%
Illinois St.-1%0%-5503586217240.0$76.82$76.00$0.00-1.00%
Murray St.-1%0%-6220587618595.8$53.74$53.00$0.00-1.00%
Louisiana St.-1%14%-0.1$103.10$101.62$14.091.949%
The Citadel-1%0%-6179474364106.4$54.79$54.00$0.00-1.00%
Minnesota-2%17%-0.1$85.95$84.54$14.292.038%
La Salle-2%0%-7115804317455.0$54.94$54.00$0.001.00%
George Mason-2%0%-40451363406681.6$71.25$70.00$0.001.00%
Utah St.-2%12%-0.2$113.05$110.99$13.652.131%
Portland-2%0%-5118773674751.3$57.26$56.00$0.001.00%
Michigan-2%18%-0.1$78.65$76.75$14.462.328%
Wichita St.-3%0%-32870192788222.3$48.30$47.00$0.001.00%
Western Kentucky-3%9%-0.3$90.52$88.04$7.872.714%
Xavier-3%20%-0.1$123.48$120.08$24.521.451%
Marquette-3%21%-0.1$109.59$106.43$23.111.927%
Virginia Military Inst-3%0%-9761658278931.9$65.95$64.00$0.001.00%
St. Mary's-3%6%-0.5$87.16$84.52$5.341.124%
Lipscomb-3%0%-123568354040636.4$48.54$47.00$0.001.00%
Clemson-3%25%-0.1$109.34$105.82$26.851.634%
Texas A&M Corpus Chris-3%0%-10343189731937.5$48.63$47.00$0.00-1.00%
Siena-4%12%-0.3$106.00$102.25$12.802.035%
Fairfield-4%0%-13055624400825.3$55.19$53.00$0.001.00%
UC Santa Barbara-4%0%-24055097227663.4$48.97$47.00$0.001.00%
Georgia Tech-4%0%-17135656657316.6$39.66$38.00$0.001.00%
Duke-4%23%-0.2$167.13$160.09$38.980.929%
Syracuse-4%21%-0.2$130.55$124.81$27.681.524%
New Mexico-4%7%-0.6$74.25$70.95$5.371.915%
Nevada-4%0%-9821303219265.6$67.00$64.00$0.00-1.00%
Tennessee-5%21%-0.2$94.05$89.42$19.642.250%
Evansville-5%0%-8814134931710.9$47.37$45.00$0.00-1.00%
Hampton-5%0%-13046103065833.8$49.51$47.00$0.00-1.00%
Stanford-5%0%-7365429809028.3$59.08$56.00$0.00-1.00%
St. Louis-5%0%-27068860800811.5$56.02$53.00$0.001.00%
Sacred Heart-5%0%-11310734837856.3$56.03$53.00$0.00-1.00%
Navy-5%0%-16255095369028.1$60.27$57.00$0.001.00%
Central Michigan-6%0%-6274658148170.8$40.28$38.00$0.001.00%
Santa Clara-6%0%-24596792215990.5$46.66$44.00$0.001.00%
Coppin St.-6%0%-61305374141192.8$40.37$38.00$0.001.00%
Richmond-6%0%-22979696601492.8$56.39$53.00$0.00-1.00%
Texas-7%19%-0.4$104.69$97.68$19.902.116%
Kent St.-7%0%-10612971230933.3$60.07$56.00$0.001.00%
Seton Hall-7%0%-6294297218203.9$53.99$50.00$0.001.00%
Florida St.-8%17%-0.4$111.13$102.75$18.801.619%
Butler-8%13%-0.6$107.25$98.83$13.831.66%
Dayton-8%9%-0.9$100.77$92.75$8.673.911%
IUPUI-8%0%-10744913894818.2$42.45$39.00$0.00-1.00%
Eastern Kentucky-8%0%-6075079000026.2$52.41$48.00$0.001.00%
Texas Tech-8%0%-4392651234875.0$44.79$41.00$0.001.00%
Stony Brook-9%0%-9701814601006.0$49.20$45.00$0.001.00%
Virginia Commonwealth-9%10%-0.8$100.55$91.80$10.433.414%
Troy-9%0%-4768306543399.8$59.16$54.00$0.001.00%
Alabama-9%0%-7743176149935.7$54.89$50.00$0.00-1.00%
Northwestern-9%0%-7226912961997.5$56.11$51.00$0.001.00%
Memphis-9%23%-0.4$192.11$174.45$43.280.733%
Belmont-9%0%-6328389759334.9$65.00$59.00$0.001.00%
Michigan St.-9%20%-0.5$148.00$134.19$30.161.430%
Texas A&M-10%12%-0.8$90.10$81.52$10.862.324%
Kansas-10%25%-0.4$132.62$119.75$32.691.523%
Mercer-10%0%-4451043767466.5$53.40$48.00$0.001.00%
Davidson-11%4%-2.6$94.00$84.08$3.842.43%
UAB-11%0%-217672686626557.4$76.04$68.00$0.00-1.00%
Indiana St.-11%0%-9429488831126.9$35.81$32.00$0.001.00%
Jacksonville-11%0%-9050492932694.4$62.72$56.00$0.001.00%
Bradley-11%0%-35941634152962.5$59.40$53.00$0.001.00%
Boise St.-11%0%-8286657205657.8$60.60$54.00$0.00-1.00%
Texas El Paso-11%0%-135531808877688.1$63.98$57.00$0.00-1.00%
Oklahoma-11%20%-0.6$149.90$133.45$29.311.531%
Cal St. Fullerton-11%0%-247689856278084.3$49.63$44.00$0.001.00%
Kentucky-11%7%-1.7$79.92$70.80$5.361.69%
Ohio-12%0%-5594482124873.6$53.13$47.00$0.00-1.00%
Nebraska-12%0%-4523276081985.5$61.30$54.00$0.00-1.00%
Central Florida-12%0%-6783418533606.0$54.53$48.00$0.00-1.00%
Saint Joseph's-12%0%-59723278762354.2$60.24$53.00$0.001.00%
Florida-12%8%-1.6$95.45$83.90$7.180.314%
Wake Forest-12%23%-0.5$132.11$115.79$29.731.320%
Louisville-13%21%-0.6$185.65$162.44$39.710.735%
Georgetown-13%0%-23523457360986.8$54.88$48.00$0.00-1.00%
Montana-13%0%-38005269843286.8$51.46$45.00$0.001.00%
Sam Houston St.-13%0%-6155460398318.1$48.06$42.00$0.00-1.00%
Drexel-13%0%-12000271041510.9$51.60$45.00$0.001.00%
Washington St.-13%0%-24660696617333.9$60.78$53.00$0.00-1.00%
Connecticut-13%23%-0.6$171.95$149.77$39.861.026%
New Mexico St.-13%0%-4310406396220.8$60.94$53.00$0.001.00%
Iowa-13%0%-35737302006305.8$51.78$45.00$0.00-1.00%
Cincinnati-13%0%-8014216956408.8$58.78$51.00$0.001.00%
Southern Mississippi-13%0%-7271313250693.6$43.85$38.00$0.001.00%
DePaul-13%0%-27790531612823.5$34.62$30.00$0.00-1.00%
Northeastern-13%0%-76345488427241.4$62.32$54.00$0.00-1.00%
Appalachian St.-13%0%-16541086981671.7$43.86$38.00$0.001.00%
North Carolina St.-13%0%-6013903230426.5$55.43$48.00$0.001.00%
Middle Tennessee-13%0%-9339195469354.3$57.79$50.00$0.001.00%
Air Force-13%0%-4509994882966.8$34.68$30.00$0.001.00%
Georgia St.-14%0%-13193801924147.6$37.00$32.00$0.001.00%
Hartford-14%0%-143257600134647.8$34.69$30.00$0.001.00%
Winthrop-14%0%-143257600134647.8$34.69$30.00$0.001.00%
Iowa St.-14%0%-16463933404760.3$48.57$42.00$0.001.00%
Oral Roberts-14%0%-62483998640070.3$52.04$45.00$0.00-1.00%
Vanderbilt-14%0%-6033430864367.1$65.92$57.00$0.00-1.00%
Albany-14%0%-8820664032390.7$54.36$47.00$0.001.00%
Drake-14%0%-8606238354968.6$55.52$48.00$0.001.00%
Georgia-14%0%-8606238354968.6$41.64$36.00$0.001.00%
Rutgers-14%0%-8606238354968.6$38.17$33.00$0.001.00%
North Carolina-14%23%-0.6$194.21$167.88$44.790.527%
Alabama A&M-14%0%-116397874199485.3$34.71$30.00$0.001.00%
Colorado-14%0%-116397874199485.3$34.71$30.00$0.001.00%
San Diego-14%0%-11926668254377.0$50.91$44.00$0.00-1.00%
Texas Arlington-14%0%-7493936442379.3$45.13$39.00$0.001.00%
Massachusetts-14%0%-34971777731989.2$38.19$33.00$0.001.00%
Lehigh-14%0%-6295217373244.5$52.08$45.00$0.001.00%
Oregon-14%0%-6295217373244.5$34.72$30.00$0.001.00%
Boston University-14%0%-40170845907556.5$59.03$51.00$0.00-1.00%
George Washington-14%0%-28862602069099.0$34.73$30.00$0.00-1.00%
Valparaiso-14%0%-28862602069099.0$34.73$30.00$0.00-1.00%
Virginia-14%0%-28862602069099.0$34.73$30.00$0.00-1.00%
Marshall-14%0%-327308596662738.4$41.68$36.00$0.00-1.00%
Long Beach St.-14%0%-24701509683059.4$52.11$45.00$0.00-1.00%
South Florida-14%0%-24701509683059.4$34.74$30.00$0.00-1.00%
Mississippi-14%0%-21202406791690.3$55.59$48.00$0.00-1.00%
Charlotte-14%0%-12240011135315.4$38.22$33.00$0.001.00%
Pennsylvania-14%0%-5800416191266.4$34.75$30.00$0.001.00%
Western Michigan-14%0%-5800416191266.4$34.75$30.00$0.001.00%
Texas Christian-14%0%-5847010944728.5$45.19$39.00$0.00-1.00%
Arkansas-14%0%-8586668341796.2$48.67$42.00$0.00-1.00%
Southern Illinois-14%0%-8070005086306.9$41.73$36.00$0.00-1.00%
Arkansas St.-14%0%-4703709077769.8$38.26$33.00$0.00-1.00%
Lamar-14%0%-11784145682265.7$38.27$33.00$0.001.00%
South Carolina-14%0%-7966882520517.1$73.16$63.00$0.001.00%
Miami OH-14%0%-6724419704665.6$59.25$51.00$0.00-1.00%
Villanova-14%17%-0.8$142.33$122.38$24.602.015%
Nevada Las Vegas-14%0%-14245184701196.2$73.49$63.00$0.00-1.00%
Pittsburgh-16%23%-0.7$186.95$156.80$42.240.619%
Miami FL-19%8%-2.4$74.00$59.67$6.001.66%