This year’s N.C.A.A. tournament has not featured all that many great games — with some exceptions, like Michigan’s come-from-behind win against Kansas on Friday. The flip side is that the four teams that remain have all played exceptionally well, often dominating their opponents.

Louisville won its first four games by an average of 22 points — the same margin by which it beat Duke on Sunday. Syracuse has won by 20 points, on average. Michigan’s margin of victory has averaged 16 points, despite the close call against Kansas. Even Wichita State, which has a chance to become the most poorly seeded team ever to win the tournament (and probably the least likely, statistically), has won its games by an average of 11 points.

What follows is an overview of the four teams that remain — how their odds have evolved through the tournament and what their chances look like now.

LOUISVILLE CARDINALS

Probability of reaching Final Four before tournament began: 52.9 percent

Chance of winning tournament before tournament began: 22.7 percent

Chance of winning tournament before Round of 16: 32.4 percent

Chance of winning tournament now: 55.0 percent

Louisville began the tournament as the nominal front-runner, with a 22.7 percent chance of winning the title according to the FiveThirtyEight model. Its odds increased sharply after its first two games and have continued to rise after wins against Oregon and Duke, and now stand at 55 percent.

This is despite the gruesome injury suffered by the sophomore guard Kevin Ware on Sunday, which will affect Louisville’s depth. Ware had averaged just 17 minutes per game for the Cardinals, but he was productive when he played, shooting efficiently and averaging more than one steal per game despite the limited playing time. The FiveThirtyEight formula, which adjusts for player injuries, estimates that Louisville’s chances of winning the tournament would be closer to 57 percent (rather than 55 percent) if Ware were healthy. The intangible impact of the injury is obviously harder to gauge — especially after the Cardinals’ emotional second-half surge against Duke on Sunday.

But there is little reason to doubt that Louisville is the favorite. Wichita State, its opponent in the national semifinal, is dangerous enough — but a favorable opponent for the Cardinals compared with Ohio State or Gonzaga. (The FiveThirtyEight model gives Louisville an 85 percent probability of beating Wichita State, which would translate to its being a 10 1/2-point favorite in the Las Vegas point spread.) Another bonus is that Louisville is the closest of the four remaining teams to Atlanta, the site of the Final Four games, and has had little travel throughout the tournament, which should help to ensure that it is well-rested physically under emotionally trying circumstances.

MICHIGAN WOLVERINES

Probability of reaching Final Four before tournament began: 12.7 percent

Chance of winning tournament before tournament began: 2.4 percent

Chance of winning tournament before Round of 16: 3.8 percent.

Chance of winning tournament now: 21.2 percent

The FiveThirtyEight model viewed Michigan as underrated – but it thought that was even more true of Florida, and so had the Gators favored to win the South region. Instead, Michigan blew Florida out on Sunday.

Still, Michigan provides some evidence for the hypothesis that the way a team finishes its regular season is not all that important — especially when one fails to account for changes to its strength of schedule. Michigan did not play an especially tough out-of-conference schedule this season, helping it go 13-0 in nonconference play. But the Big Ten was brutally competitive, and most of Michigan’s toughest games were stacked in the second half of its schedule. It’s not clear that Michigan played any worse down the stretch as much as it faced some tougher opponents.

Michigan will present a clash of styles against Syracuse, and potentially Louisville. The Wolverines rate as having the best offense in college basketball, according to Ken Pomeroy’s rankings, whereas the Orange and the Cardinals have dominated defensively. Michigan enters the semifinal as essentially even-money against Syracuse (the FiveThirtyEight model gives Michigan a 51.9 percent chance of winning). But the score isn’t necessarily guaranteed to be close: the Wolverines’ reliance on the 3-point shot could yield a blowout or an embarrassment depending on their accuracy from behind the arc.

SYRACUSE ORANGE

Probability of reaching Final Four before tournament began: 11.7 percent

Chance of winning tournament before tournament began: 2.0 percent

Chance of winning tournament before Round of 16: 4.8 percent.

Chance of winning tournament now: 19.0 percent

We’ve found that in contrast to how a team plays in the late stages of the regular season, how well it adapts to tournament conditions does have some predictive power. Hence, the FiveThirtyEight model increased Syracuse’s chances considerably after its record-setting opening-round win against Montana, and after its subsequent solid play against California, Indiana and Marquette.

The catch is that the other teams in the Final Four have also played so well that it isn’t clear that you would pick Syracuse even if you were determined to choose the hot hand.

WICHITA STATE SHOCKERS

Probability of reaching Final Four before tournament began: 1.3 percent

Chance of winning tournament before tournament began: 0.08 percent

Chance of winning tournament before Round of 16: 1.2 percent

Chance of winning tournament now: 4.7 percent

The FiveThirtyEight model gave Wichita State only a 1.3 percent chance of reaching the Final Four before the tournament began, or about 75-to-1 odds against. Does that imply that the Shockers’ having reached the Final Four represents a once-every-75-year event – about as rare as Halley’s comet?

Actually, the math is a little bit more complicated than that. There are four regions, and in each one, there are a number of long-shot teams, so there are a lot of opportunities every year for someone to defy the odds. Instead, our pretournament model suggested that there was about a 16 percent chance (roughly 1-in-6) that Wichita State or any of the other 37 teams with under a 2 percent chance of reaching the Final Four would do so.

Some of the historical cases of teams that defied even longer odds are well-known. Pennsylvania, in 1979, overcame what we estimate were 500-to-1 odds against reaching the Final Four — while Virginia Commonwealth in 2011 was about an 800-to-1 underdog.

However, Wichita State’s accomplishment holds up well against some other Cinderella teams, including Louisiana State in 1986 and George Mason in 2006, both of which made the Final Four as No. 11 seeds. Wichita State was a No. 9 seed, and a reasonably good one. The problem is that being a No. 9 seed is probably more difficult than being a No. 11. A No. 9 seed will almost certainly have to defeat a No. 1 seed in its second game (as Wichita State did against Gonzaga) – eliminating the chance of getting lucky because the favorite gets knocked out early. In addition, Wichita State beat a very tough No. 8 seed, Pittsburgh, and a very tough No. 2, Ohio State — and the Shockers have made some of these wins look easy.

The issue, as is the case for Syracuse, is that the accomplishments for the other three Final Four teams have been just as impressive — and they began with considerably better regular-season résumés than Wichita State. So the FiveThirtyEight model gives the Shockers only about a 5 percent chance of winning out.

But what if they do it? The initial model gave Wichita State only about a 0.08 percent chance of winning the tournament, or about 1,200-to-1 odds against. If the Shockers win the tournament, they would probably qualify as the least-likely champions in history — displacing the 1985 Villanova Wildcats, who won as a No. 8 seed and faced a somewhat more favorable draw.