Absolutely. There's a lot of parity right now.Other than maybe Houston every #1 team this year had frequent “meltdown” losses through early and middle if the season.
All before 1/1, seven of the twelve #1-3 seeds in the NCAA tournament this year already had losses to teams that didn't even make the NCAA tournament (if I counted correctly). And a couple of those teams that didn't yet got them shortly after the new year, or already had losses to good-but-not-great tournament teams (like Purdue to Northwestern).