I won't say they're the most overrated team in the country but I will say this (mentioned it in another thread), one of my friends works for CBS sports watching basketball games to take down things like times of highlights and who scored when. He works with around 8 or 9 other people, who have collectively watched every single Wichita St. game this season and I don't believe one of them picked WSU to go beyond the sweet 16 in the tournament. They were definitely overrated, just because people jumped all over the perfect season story when that obviously wouldn't have happened in a better conference, though I don't think that loss justifies calling them overrated.
Really though, it's tough to fairly seed a team like that. On one hand, they did go undefeated so you kind of have to put them as a one seed and a top 5 team. On the other hand, they'd obviously have at least a couple of losses in any of the stronger conferences, seeing as they had some very close calls with some mediocre teams in their own conference.