Comparative Tournament Odds

A reader ("CS", who is apparently a cat) was curious how the PM's ratings compared to the Vegas odds for winning the tournament. I put together a very quick, very hacky comparison, and here are the top 25:

Team	Odds	PM Odds	Ratio
Indiana	400	383	104%
Florida	600	328	183%
Duke	700	4314	16%
Michigan	700	1828	38%
Gonzaga	800	1976	40%
Miami FL	800	19018	4%
Kansas	1000	1976	51%
Louisville	1000	2498	40%
Michigan St	1000	6785	15%
Georgetown	1500	10104	15%
Syracuse	1500	3690	41%
St Louis	2500	11720	21%
Ohio St	2500	3413	73%
Arizona	2500	11812	21%
New Mexico	4000	83840	5%
Missouri	5000	25388	20%
Kansas St	5000	10589	47%
Oklahoma St	5000	7055	71%
Wisconsin	6000	2920	205%
North Carolina	6000	20244	30%
North Carolina St	6000	20244	30%
UCLA	6000	36645	16%
Pittsburgh	6000	7279	82%
Butler	7500	44197	17%

Likely the whole comparison doesn't mean anything, but the ratio might say something about which teams the PM thinks are undervalued or overvalued.  This assumes that Indiana is more-or-less correctly valued.  Not unsurprisingly, the PM thinks Florida is undervalued, Wisconsin even more so, and teams like tOSU, Oklahoma State and Pittsburgh as well.  Very overvalued are Miami and New Mexico, and significantly over-valued includes Duke, MSU, Georgetown, UCLA and Butler.  In the latter you can see a common thread of teams where bettors might be over-enthusiastic because of the popularity of the program, recent performance, etc.