Not true, ask Virginia Tech, Alabama, Missouri State, Colorado and others...if you don't do enough in the regular season, the you don't get to Dance.
The best team is crowned champion, it is single elimination and anyone can win, matchups matter, otherwise we might as well not even play the games based on seeding. If you are talking about a series then the "best" team doesn't always win. I saw someone say the NBA/MLB is the best, there are countless series that haven't been won by the "best" teams in those leagues either. A playoff or tournament in any form works where teams that earn their spot in that playoff/tournament all have a chance to win.
It ticks me off when people say the regular season doesn't matter, or it is devalued. That is the beauty of college basketball, you get to see pre-conference matchups that are rarely seen in college football for fear of losing.
Why do I want to see teams have scores of 83-10 in football, that right, I don't. The BCS has devalued competition and that is why there are so many blowouts, teams just don't schedule out of the fear to lose.
The regular season for basketball matters for seeding and trying to get an "easier" path to a championship, there are years like this one that makes me like the tournament that much more and wants a playoff in football that much more.