I've never bet on sports before, and I'm unlikely to start now, but for the sake of curiosity, if I had $500 to gamble would a good bet be to pick five teams I like to win it all from the set of teams with odds 6/1 or worse?

So, for example, I might put $100 on each of Gonzaga (6/1), Kentucky (9/1), MSU (9/1), Tennessee (12/1), and UNC (16/1) with the reasoning that (a) if I hit my winnings will be at least the amount I would have won if I were to have placed $100 on the favorite, Duke at 2/1, and (b) the combined probability of my bet is greater than the Duke bet (.535 > .5).

The only limitations I can see--besides random chance--are seeding (if my picks are disproportionately distributed around the bracket, therefore forcing elimination prior to E8 and F4 rounds) and injuries.

Is my reasoning sound?