Our excellence in the regular season has meant it's really hard to exceed expectations in the tournament. When you're the number one seed, the only way to go is down. Sure, it would be nice to play to our seed every March. But if we'd get a crappy seed now and then, at least we'd have a chance to exceed expectations instead of just meet them.
Evaluations are strongly affected by expectations. A few years ago I attended 2 grad student defenses in the same week. They performed about the same. I was thrilled with one because I didn't think she was very sharp, and she did way better than I expected. I was disappointed by the other because she was really bright, creative, and hard-working, and I expected her performance to be outstanding. She did fine, but wasn't outstanding. Really made me think about how my expectations affected my evaluation of their performances.
So does Izzo sandbag it during the season, then turn it on in the post-season so he looks like a brilliant coach??? I sort of doubt it. But I do think it's harder to live up to your seed when you're consistently a 1 or 2 seed, like Self's teams.