The matchups tomorrow will eliminate two more, since Arizona plays NC and Michigan plays Villanova. So there will definitely be three schools in both sweet sixteens.
Oddly, Michigan's men play Villanova in the sweet sixteen, with almost reversed seedings, so both schools will fall if the results go according to seed. I'd guess Iowa State may have the best chance of making both elite eights, but I wouldn't be surprised if Creighton has something to say about that. It looks highly unlikely that any school will make both final fours.