Absolutely ridiculous. There is no way they are the best team in the country. They are at best in the 15-20 range. Yes, they only have two losses, but they play absolutely nobody. Their best win is against Clemson. Gimme a break. Meanwhile, they have losses to none-too-impressive Illinois and Butler.
I think the 'Zags as a #1 seed sets up the most likely possibility for a first-round #1 seed upset in tournament history.
This is why everyone thinks the rankings are such a joke, when win-loss record trumps an embarrassingly weak strength of schedule.