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4 vs. 5 isn't quite negligible. 12 seeds tend to be last team in (major conference foes) or really good mid-majors--which is why 5 seeds lose a lot more than 4 seeds (33% to 21%). Also, the 4 seed technically gets a preferential location. You'd rather be the 4 with that, if possible, for those reasons. The advantage a 6 seed has is that you avoid the 1 seed until the E8--and 2 seeds are far more likely to lose in the second round than 1 seeds.why would you much rather be a 4 seed than a 5 or 6? difference in championship/final four equity seems extremely negligible. 3 seed, sure
But you're playing a tougher second round matchup, and there is a much better chance of a 3 seed playing closer to home than a 4 seed.
Ideally, you want to be a 3 or higher, but given 4-6, you pick 4 every time. There's a reason 4 seeds tend to make the Final Fours more frequently than 5 seeds. Since the tournament expanded in 1985, 13 4-seeds made the Final Four compared to 6 5-seeds. While 3 4-seeds advanced and to 3 5-seeds advanced to the title game, 1 4-seeds won compared to no 5-seeds.