I don't think the issue with 2/3 is the difficulty of the opponents in the first weekend.
I think it is (1.) #2s are ahead of #3s on the "location draft."
And (2.) which pool would you choose from for your Sweet Sixteen opponent?
POOL A = Houston, Tennessee, Kentucky, Wisconsin
POOL B = Michigan St., Arizona, Missouri, Texas A&M
Pool A is the likely #2 seeds right now on Torvik. Pool B is the likely #3 seeds. I would say Pool A is much scarier than Pool B. Lot easier to see flaws in the metrics for the second set.
(Iowa St. is projected as a #3 seed, so I brought Texas A&M up from the #4 line.)
Your "metrics" that early in the season are mostly projections -- either something "systematic" like the Torvik preseason predictions or putting together an obviously flawed human poll.
Everybody had high expectations for Dayton. The win "looked good at the time." But they've been mediocre and are going to finish way back of George Mason and VCU for the A10 title.
Win quality should be adjusted over time as more data comes. And the unfortunate truth for Iowa State is wins like Dayton, Marquette, and Iowa have aged poorly and so has the WVU loss.