Maybe, maybe not. Here is an example from BB:
The #9 seed has a slightly better than .500 record against the #8 seed in first round games (74-70). One could look at that and conclude that the committee is clueless because their superior #8 seeds haven't even won 50% of the time against their inferior #9 seeds.
I would point out, however, that the #8 seeds do vastly better the rest of the way:
True. I'm not saying seeding doesn't work at all. You should expect better seeds to be superior teams. I think some of those #9 results fall victim to the same complaint that my cherry-picking of #4 in the CFP winning it all compared to #1 has--small sample size.
My argument isn't really about seeding at all--it's about equity. I don't think the CFP is a good process for selecting the field, nor do I think it does anything more than the polls or BCS to create a "real" champion. It's just a larger beauty pageant than what came before it.
But if I can sow doubt that the CFP committee consistently picks the best 4 teams, and can use the argument that their consensus worst team of the 4 wins the whole dang thing as often as their consensus best team, I'll use that limited sample size to make my point

go ahead and add the football teams outside the Power 5 conferences. That's all that happens in basketball.
Bama, Clemson, Ohio st., Oklahoma, and Notre Dame are still going to be the top 5 year in and year out. Harvard's football team isn't going to be in the top for anymore likely than Harvard's basketball team is going to be a #1 seed.
Well, that's not ALL that happens in basketball. Half the field is auto-bids, mostly teams that have absolutely zero shot to win it, but the other half of the field is at-large selections. IIRC there are around 33 conferences, which would mean that 35 teams are at-large selections. That's a much bigger number than in football, even proportionately to the size of the sport.
The difference is that teams have an objective path to getting into the tournament in basketball, whereas in football teams have to both perform on the field and hope that performance is enough to win a beauty pageant that nobody has explained the clear rules to, but always seem to favor the helmets.