I discovered that there was a BasketballProspectus.com (I read BaseballProspectus.com) and spent a few hours reading articles last night. I knew essentially nothing about college basketball beforehand beyond some pretty basic shit about my team, Wisconsin, and some of the more well-known players and teams.
I started here
http://www.basketballprospectus.com/article.php?articleid=580 and ended up following a lot of the blue links to other articles. I learned about Tempo-Free stats which adjust game stats to possessions rather than a team or players straight up stats. So putting up 23 pts in a game on 30 possessions isn't really as impressive as 15 pts on 7 possessions. It's pretty simple really and seems kind of like the more intuitive way of looking at basketball teams/players than the traditional raw totals when it comes down to it. But my understanding is that ESPN and other major sports media tend to favor good old points per game and other per game stats that aren't as telling as you think (think RBIs in baseball).
Also, comparing points per possession and opponents points per possession allowed gives you a good stat for looking at teams called efficiency margin and there's an article on that. And then you can look at how consistent a team is looking at standard deviation for certain stats.
So yea, now my bracket is statistically better than yours.
Edit: This one is even cooler,
http://www.basketballprospectus.com/article.php?articleid=543, comparing temp-free stats and other stats as predictors of tournament success.