Let’s take a shot at forecasting the probabilities for teams to reach various rounds of the 2023 NCAA tournament.
Log5 is a method of estimating the probability that team A will win a game against team B, based on the odds ratio between the estimated winning probability of Team A and Team B against a larger set of teams.
We got the idea from the popular college hoops blog Kenpom, which posts one every year. You can read more about the Log5 method on Wikipedia.
Applying the Log5 formula to a specific matchup is straightforward, but forecasting an entire tournament is more daunting. Despite our best digging, we could not find a site anywhere on the internet that explained how to do this, so we built our own model in Excel.
Of course, in order to make Log5 work, we need to assign a rating for each team in the tournament as a starting point. For this exercise, we used Bart Torvik’s power ratings.
Here is our Log5 forecast for the 2023 NCAA tournament: