I mean, I guess if you compare them to another blue blood like Duke, then they probably have underachieved. That's a high bar though
Here's all the times that Coach K lost to a team seeded lower than his Duke team.
2014: (3) Duke loses to (14) Mercer Round of 64
2012: (2) Duke loses to (15) Lehigh Round of 64
2011: (1) Duke loses to (5) Arizona Sweet Sixteen
2009: (2) Duke loses to (3) Nova Sweet Sixteen
2008: (2) Duke loses to (7) West Virginia Round of 32
2007: (6) Duke loses to (11) VCU Round of 32
2006: (1) Duke loses to (4) LSU Sweet Sixteen
2005: (1) Duke loses to (5) Michigan State Sweet Sixteen
2004: (1) Duke loses to (2) UConn Final Four
2002: (1) Duke loses to (5) Indiana Sweet Sixteen
2000: (1) Duke loses to (5) Florida Sweet Sixteen
1998: (1) Duke loses to (2) Kentucky Elite Eight
1997: (2) Duke loses to (10) Providence Round of 32
1996: (8) Duke loses to (9) Eastern Michigan
1993: (3) Duke loses to (6) Cal Round of 32
1989: (2) Duke loses to (3) Seton Hall Final Four
1988: (2) Duke loses to (6) Kansas Final Four
1986: (1) Duke loses to (2) Louisville Title Game
1985: (3) Duke loses to (11) Boston College Round of 32
1984: (3) Duke loses to (6) Washington Round of 32