You're right in that the sample sizes are too small and variance in the game too large to be perfect.
But the Eye test is much more flawed than something like KenPom (or hopefully NET), just due to the inputs. Are you going to watch every possession of every team in the entire country? Even just the bubble is probably 80 teams * 34 games * 2 hours = 225 days worth of footage without sleeping. Further, are you going to be able to apply context of relative opponent strength in real time? Are you further able to prevent confirmation and other biases?
There's a reason successful gamblers have had "systems" without relying on the eye test.
Use Ken Pom to bet games (or just predict ATS results), let me know how that works out for you
And can you name a gambler that's designed a successful system? Something that works for some extended period of time? year after year?
I mean the best system I know of is to bet on the Patriots every week, always a winning season
School presidents and AD's have no idea what's happening on the court, and neither the RPI nor it's replacement is going to fix that
But their presence does improve the chances of their school and their conferences 10 fold
Coach K mastered beating the RPI
1) beat up on schools ranked 150, teams you're only favored to beat by 20 points
2) don't play schools ranked 250, teams you'd be favored to beat by 30 points
3) schedule in-state schools at some large arena near them and call it a neutral court or road game. A secondary benefit is earned if it's an ACC Tournament or NCAA Tournament site.
baddaf'nbing you just owned the RPI