I decided to test this idea out on the South region (for simplicity I just included Albany as the 16-seed since they won their play-in game). Here are the probabilities for each team to win the region, under the current format, before any first or second round games were played:
| Seed | Team | Regional Winner | 
| 1 | Florida | 33.59% | 
| 16 | Albany | 0.03% | 
| 8 | Colorado | 0.99% | 
| 9 | Pittsburgh | 5.57% | 
| 5 | VCU | 6.55% | 
| 12 | Stephen F. Austin | 0.76% | 
| 4 | UCLA | 10.63% | 
| 13 | Tulsa | 0.92% | 
| 6 | Ohio St. | 7.12% | 
| 11 | Dayton | 1.45% | 
| 3 | Syracuse | 7.78% | 
| 14 | Western Michigan | 0.34% | 
| 7 | New Mexico | 5.22% | 
| 10 | Stanford | 2.54% | 
| 2 | Kansas | 16.36% | 
| 15 | Eastern Kentucky | 0.15% | 
For perspective, if the tournament was reseeded after each round, the second round matchups for the top seeds would look like this now:
| Seed | Team | Current Opp | Reseeded Opp | 
| 1 | Florida | Pittsburgh (9) | Stephen F. Austin (12) | 
| 2 | Kansas | Stanford (10) | Dayton (11) | 
| 3 | Syracuse | Dayton (11) | Stanford (10) | 
| 4 | UCLA | Stephen F. Austin (12) | Pittsburgh (9) | 
I altered my Monte Carlo simulator to determine the new probabilities of each team advancing out of the region, and ran 10,000 simulations to gather the following results:
| Seed | Team | Current Format | Reseed Format | 
| 1 | Florida | 33.59% | 37.80% | 
| 16 | Albany | 0.03% | 0.02% | 
| 8 | Colorado | 0.99% | 0.95% | 
| 9 | Pittsburgh | 5.57% | 5.29% | 
| 5 | VCU | 6.55% | 6.33% | 
| 12 | Stephen F. Austin | 0.76% | 0.48% | 
| 4 | UCLA | 10.63% | 10.58% | 
| 13 | Tulsa | 0.92% | 0.68% | 
| 6 | Ohio St. | 7.12% | 6.19% | 
| 11 | Dayton | 1.45% | 1.03% | 
| 3 | Syracuse | 7.78% | 7.67% | 
| 14 | Western Michigan | 0.34% | 0.17% | 
| 7 | New Mexico | 5.22% | 4.23% | 
| 10 | Stanford | 2.54% | 1.78% | 
| 2 | Kansas | 16.36% | 16.75% | 
| 15 | Eastern Kentucky | 0.15% | 0.06% | 
Florida gains a boost, but no other team really changes all that much. Reseeding should benefit the higher seeds and hurt the lower seeds, which it does, but only marginally.
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