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For newbies
there's 350 universities in Division I basketball, divided into conferences. There's 6 good conferences (ACC, SEC, Big12, Pac10, Big10, Big East), then everyone else. Everyone just played their regular season and had their conference championship. Winner of each conference automatically gets in, then a committee selects all the leftover best teams.
64-team simple bracket, divided into 4 regions of the country. 4 #1 seeds, 4 #2 seeds, etc. There's 4 stupid little games to determine the #16 seeds just so more teams get in the tournament.
The first 2 rounds last like 4 days and are fucking crazy. It's like 3 games on TV at once, 16 games a day, and anyone can win.
There's a ton of ties that need overtime, even for a sport where the score is in the 70s and 80s. There's always a game on worth watching.
TL;DR the lower seeds are more likely to win