So a Syracuse player is declared ineligible the Tuesday after selection Sunday?

Just think how Melo not being available to play will change the Vegas line on the Tourney?
From this article:

Melo's sudden ineligibility made waves in Las Vegas, where Cantor Gaming dropped Syracuse's chances of winning the title to 12-1 from 10-1 Tuesday morning, said Mike Colbert, Cantor's risk management director. Colbert said the region's No. 2, Ohio State, was lifted to 5-1 from 6-1 and other lines were affected.

Syracuse went from a 16.5-point favorite against 16th-seeded UNC-Asheville to a 15.5-point favorite.




2012 NCAA tournament -- Syracuse Orange announce Fab Melo ineligible for tourney - ESPN
 
Syracuse would have been a 1 seed either way. Syracuse was the one who made him ineligible not the NCAA.
This is actually not true. Look back to the time when Cinn lost Kenyon Martin and they dropped to a 3 seed. Syracuse without Melo is probably a 2 seed, and their timing is questionable.
 

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