They're still the outright favorite against the rest of the field. However, 53.81% doesn't justify the -150 odds (implied 60% probability) they're currently pegged at to win it all.
And remember, last year Florida was fairly close to 50% going into the Final Four. So of course they promptly lost the semifinal to the eventual champion, Connecticut. It's why you play the games. Personally, I think Kentucky does it: go 40-0.