NCAA Bracket 2018: Latest Bracketology and Early Championship Odds

The exciting nature of the NCAA tournament often leaves fans with the impression that it is a wide-open affair and any team can win.

However, in the last 33 years, 20 No. 1 seeds, five No. 2 seeds and four No. 3 seeds have won the national championship, per Eric Vander Voort of NCAA.com.

That means it's quite a challenge for any team outside of the top three seeds to have a real chance to win.

This year's tournament is considered to be more wide open than many in recent years because there doesn't appear to be a dominant team. Try telling that to Virginia's opponents, as the Cavaliers have turned up the pressure all season with remarkable defense and clutch offense.

The Cavaliers are co-favorties to win the tournament, along with the Villanova Wildcats and Duke Blue Devils at +600, according to OddsShark. A bettor who wagers $100 on any of those teams would make a profit of $600 if their bet is successful.

Here's a look at the teams that appear to have the best chance of winning the tournament championship:

Virginia +600
Villanova +600
Duke +600
Michigan State +700
Purdue +1200
Michigan +1200
Kansas +1600
Arizona +2000
Xavier +2000
North Carolina +2000
Florida +2000
Cincinnati +2000
Tennessee +2000
Wichita State +2500
West Virginia +2500
Gonzaga +2500
Texas Tech +2500
Kentucky +4000
Texas A&M +4000
Ohio State +4000

The conference tournaments may play a key role in determining the last few teams to get into March Madness.

According to ESPN bracketology expert Joe Lunardi, Oklahoma, Alabama, Middle Tennessee and Louisville were the last four teams in, while Oklahoma State, Notre Dame, Arizona State and Syracuse were the first four out.

Louisville (20-13) had a matchup with Virginia in the ACC Tournament, and while the Cardinals played tough for 40 minutes, they dropped a 75-58 decision.

They played a credible game and cut 13-point halftime lead to four in the second half, but they could not get closer and Virginia regained control and put the game away. As a result, the Cardinals are 20-13 and may have a hard time getting the invitation they want so badly.

The Sooners hurt their chances when they lost 71-60 to arch-rival Oklahoma State in the Big 12 tournament. That dropped Oklahoma's record to 18-13 overall after finishing with an 8-10 record during the conference portion of the schedule.

Trae Young is their premier player, and while he has had issues over the last portion of the season, he leads the nation in scoring and assists. Young is averaging 27.4 points and 8.8 assists per night.

The Sooners have lost 11 of their last 15 games, and while their schedule has been challenging, it will be difficult for the committee to punch their ticket into the tournament with that kind of stretch run.

The UCLA Bruins are another bubble team that finished the regular season strong by winning seven of their last 10 games, and they are hoping for a decent run in the Pac-12 tournament. The Bruins (21-10) defeated Stanford 88-77 in Thursday's conference tournament game, and head coach Steve Alford has a team that is capable of lighting up the scoreboard with their 82.2 points per game average.

Junior guard Aaron Holiday is averaging 20.1 points and 5.8 assists per night, and he is shooting 82.4 percent from the free-throw line. Freshman swingman Kris Wilkes is averaging 14.0 points and 5.0 assists per night, while 7'0" center Thomas Welsh is averaging 12.7 points and 10.5 rebounds per game.

The Arizona State Sun Devils (20-11) did not help their chances when they lost to Colorado in the Pac-12 tournament Wednesday night.

The Sun Devils struggled throughout the game on defense as they lost 97-85. Arizona State has not played well down the stretch, as head coach Bobby Hurley's team have lost five of their last six games.

Senior guard Tra Holder is Hurley's go-to guy in the clutch, and he is scoring 18.4 points and connecting on 84.1 percent of his free throws. Fellow senior guard Shannon Evans II is averaging 16.6 points per night, but his 37.8 shooting percentage is concerning.