But then there's another consideration. A 15-seed beating a 2-seed is more exciting and interesting than a 4-seed beating a 2-seed. We can evaluate the excitement quite simply: by subtracting the two. That gives us what we'll call the "upset value." Looking at upset value, the tournament with the most big upsets was in 1986. (Taking out the one-ranking difference doesn't matter as much here, since they don't count for many points anyway.) Here's the graph of upset value.

This is the first time that we see how this tournament is really faring. The 2014 tournament is 18th in the all-time list of upset value — but with four rounds remaining. When you only compare the total through the second round, the 2014 tournament ranks 11th.

Again, that's aggregated upset value. If you look at the average upset value per upset — that is the average spread in each upset, it looks a little different. The 2014 tournament has the third-highest average spread in history. But, again, that's because we're still early. Later upsets are more likely to be of the 4-seed-beats-1-seed variety, which will drag the average down.

If only underdogs win from here on out, the tournament will add another 55 points in upset value, which, perhaps obviously, will make this the most upset-heavy tournament in history.

SKIP TO: Tournament results | Seed performances | Best colleges | Worst colleges

How seeds tend to fare

You know how they usually say that an 8-seed playing a 9-seed is a toss-up? Well, it is. In the 30 tournaments since 1985, there have been 120 8-seed vs. 9-seed matches. 9-seeds have won 61 of those, or 50.8 percent. Only 10-seeds have seen more upsets than 9-seeds, but since so many of the 9-seed wins were one-ranking differences (11.9 percent of all upsets were 9- over 8-seeds), the 10-seed victories are more impressive.

No 1-seed has ever won an upset, for obvious reasons. No 16-seed has either, for perhaps equally obvious reasons.

Incidentally, the breakdown of upsets by round is pretty straightforward. About half of the upsets came in round one, the round with the most matches. Just over a quarter came in round two. About a quarter came in every other round.

SKIP TO: Tournament results | Seed performances | Best colleges | Worst colleges

The best colleges at upsets

But let's get to the point. Which schools have the most upsets — or have lost the most upset matches? A point of clarification is important here. The data below only addresses upsets. If a 2-seed beats a 9-seed, it's not reflected in the figures below, because it's not an upset.

We separated out those schools that have been in at least five upset matches, just as a baseline. And here, according to the data, are the schools that have the best upset record.